XRP has recently experienced a significant price increase, breaking above the $0.550 and $0.600 levels. Currently, the price is consolidating its gains, facing resistance around the $0.6480 zone.
XRP Price Overview
XRP has shown strong momentum, surpassing the critical resistance levels of $0.550 and $0.580. The price is now trading above $0.600, maintaining its position above the 100-hourly Simple Moving Average (SMA). However, the upward movement is encountering resistance, particularly near the $0.640 mark, as a key contracting triangle forms on the hourly chart of the XRP/USD pair (data sourced from Kraken). If XRP manages to break through the $0.640 resistance zone, it could continue its upward trajectory.
Potential for Further Gains
XRP's recent rally started after forming a base above $0.50, outpacing both Ethereum and Bitcoin. The price climbed above the $0.550 and $0.580 resistance levels, with the bulls driving it past $0.60. A peak was reached at $0.6473, after which XRP began to consolidate. The price briefly dipped below the $0.6120 level and the 23.6% Fibonacci retracement of the upward move from the $0.4920 low to the $0.6477 high.
Despite the dip, XRP remains well-supported around $0.600 and above the 100-hourly SMA. On the upside, XRP faces resistance at $0.6280, with the first major barrier at $0.6380. A crucial resistance lies at $0.640, where a contracting triangle is forming on the hourly chart. A successful break above this level could propel XRP toward the next resistance at $0.6550, with further gains potentially targeting $0.6720, and possibly even reaching $0.6880 or $0.700 in the near term.
Potential Downside Risks
If XRP fails to clear the $0.640 resistance, it might enter a corrective phase. Initial support on the downside is at $0.6080, with more significant support at $0.600. A break and close below this level could lead to a deeper decline toward the $0.570 support or the 50% Fibonacci retracement level of the previous upward move from $0.4920 to $0.6477. The next major support is at $0.550.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is losing momentum in the bullish zone.
Hourly RSI: The RSI for XRP/USD is currently above 50, indicating a neutral to slightly bullish outlook.
Key Levels to Watch
Support: $0.6080 and $0.5700
Resistance: $0.6250 and $0.6400
XRP's ability to overcome the $0.640 resistance will be crucial in determining whether the current bullish trend can extend further or if a correction is imminent.
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