🔥🔥🔥 $XRP Price Eyes Upside Break: Will The Gains Keep Rolling?
XRP Price Targets Fresh Upside Break
XRP is currently on an upward trajectory, aiming for a breakout above the $0.600 resistance level.
Key Points:
- Fresh Increase: XRP is climbing above the $0.580 zone.
- Current Position: Trading above $0.580 and the 100-hourly Simple Moving Average (SMA).
- Technical Pattern: A key contracting triangle with support at $0.5880 is forming on the hourly chart (data source from Kraken).
- Bullish Momentum: The pair could extend its bullish momentum if it clears the $0.600 resistance zone.
XRP Price Movement:
After stabilizing above $0.540, XRP began a fresh increase, surpassing the $0.5650 and $0.5720 resistance levels. The price climbed above the 50% Fib retracement level of the downward move from the $0.6374 swing high to the $0.5404 low. Although XRP remains positive above the 100-hourly SMA, it is facing resistance near the $0.600 level.
Key Technical Factors:
- Contracting Triangle: Support at $0.5880 on the hourly chart.
- Current Trade Level: Trading above $0.5880 and the 100-hourly SMA.
Resistance Levels:
- First major resistance: $0.600
- Next resistances: $0.6150, $0.6370, $0.650, and $0.6665
- Further gains could reach: $0.680
Potential Downside:
If XRP fails to clear $0.600, it may decline. Initial support is near $0.5880 and the triangle's lower trend line, with major support at $0.5650. A break below $0.5650 could lead to a further decline toward the $0.540 support.
Technical Indicators:
- Hourly MACD: Gaining pace in the bullish zone.
- Hourly RSI: Above the 50 level.
Key Levels:
- Support: $0.5880, $0.5650
- Resistance: $0.6000, $0.6150
Source - newsbtc.com
