XRP has regained strength after finding support near the $0.5600 level. The cryptocurrency is now aiming for a potential break above the $0.60 resistance zone.
XRP Price Recovery
After a brief decline from the $0.5985 level, XRP followed Bitcoin and Ethereum’s lead, dropping below the $0.5750 support zone. However, strong buying interest emerged near $0.5600, with a low forming at $0.5597.
From this level, XRP began a steady upward move, outpacing Bitcoin and Ethereum. The price climbed past the $0.5700 and $0.5720 resistance levels, clearing the 50% Fibonacci retracement level of the downward move from the $0.5989 swing high to the $0.5597 low.
On the hourly chart of the XRP/USD pair, there was a break above a bearish trend line at $0.5750, and the price is now trading above the $0.5750 mark and the 100-hour Simple Moving Average (SMA).
Key Resistance Levels
XRP is now facing resistance near $0.5890, close to the 76.4% Fibonacci retracement level of the previous downward move. The next major resistance levels to watch are $0.5900 and $0.6000. If XRP manages to break above $0.600, the price could aim for the $0.6120 and $0.6250 resistance zones. Further gains might push the price toward $0.6320 or even $0.6440 in the near term.
Possible Downside
If XRP fails to break through the $0.5900 resistance, it could start another decline. The initial support on the downside is around $0.5765, followed by a key support level at $0.5750. A downside break below $0.5750 could lead the price back toward the $0.5600 support, with the next major support level around $0.5420.
Technical Indicators
- Hourly MACD: Gaining pace in the bullish zone.
- Hourly RSI: Currently above the 50 level, showing strength.
- Major Support Levels: $0.5765, $0.5600.
- Major Resistance Levels: $0.5900, $0.6000.