š„š„š„ $XRP Price Nears $0.60: Is A Major Pump Imminent?
XRP's price is pushing higher above the $0.580 mark, with potential bullish momentum if it breaks through key resistance levels at $0.5920 and $0.600.
- XRP remains supported around the $0.5700 level.
- The price is currently trading above $0.580 and the 100-hour Simple Moving Average (SMA).
- A breakout occurred above a significant bearish trend line at $0.5720 on the XRP/USD hourly chart (source: Kraken).
The pair could see further bullish momentum if it clears the $0.5920 and $0.600 resistance levels.
XRP Price Targets Upside Break
- After forming a base above $0.5620, XRP began a fresh upward move, similar to Bitcoin and Ethereum. The price broke through resistance at $0.5720 and $0.5850.
- A major bearish trend line was broken with resistance at $0.5720 on the hourly chart. The bulls drove the price above the 61.8% Fibonacci retracement level of the downward move from the $0.5932 high to the $0.5622 low.
- Currently, XRP is trading above $0.580 and the 100-hourly SMA. Itās consolidating near the 76.4% Fib retracement level of the recent downtrend.
- On the upside, resistance is expected around $0.5880, with major barriers at $0.5920 and $0.600. A decisive move beyond $0.600 could push XRP toward the $0.6160 resistance.
- The next significant resistance is at $0.6220, and continued gains could propel XRP toward $0.6320 or even $0.6350.
Downside Risk?
- If XRP fails to surpass the $0.5920 resistance, it may face another decline. Initial support lies at $0.580 and the 100-hourly SMA. Further downside support is near $0.5690.
A break below $0.5690 could lead to a drop toward $0.5620, with the next major support at $0.5550.
Technical Indicators:
- Hourly MACD ā Gaining strength in the bullish zone.
- Hourly RSI ā Above 50, indicating positive momentum.
- Key Support Levels ā $0.5820 and $0.5790.
- Key Resistance Levels ā $0.5920 and $0.6000.
Source - newsbtc.com
