XRP price consolidates above key support

XRP price tried to break out of $0.6120 and $0.6150 on several occasions. However, the bulls failed to close above $0.6150. There was a bearish reaction and the price retested the $0.5950 support.

A low was formed at $0.5957 and the price is currently consolidating, just like Ethereum. A major bullish trend line has also formed with support at $0.5945 on the hourly chart of the XRP/USD pair. The pair is currently trading below $0.6120 and the 100 hourly simple moving average.

If there is a fresh rise, the price could face resistance near $0.6025 or at the 50% Fibonacci retracement level of the down move from the $0.6091 swing high to $0.5957 low.

The first major resistance is near the $0.6060 level, which is the 76.4% Fibonacci retracement level of the downward move from the $0.6091 high to $0.5957 low. The next key resistance could be at $0.6120. A clear break above the $0.6120 resistance could push the price towards the $0.6150 resistance level.

The next major resistance is near the $0.6200 level. If there are further gains, the price could drop towards the $0.6350 resistance level in the near term.