XRP Price Eyes Upside Break Above $0.580, Targets $0.6350

XRP price formed a base above $0.5620 and started a fresh increase like Bitcoin and Ethereum. The price was able to clear the $0.5720 and $0.5850 resistance levels.

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XRP price is again showing positive signs above $0.580. XRP could gain bullish momentum if it clears the $0.5920 and $0.0 resistance levels.

After forming a base above $0.5620, XRP price began a fresh increase, like BTC and ETH. The price was able to clear the $0.5720 and $0.5850 resistance levels.

On the hourly chart of the XRP/USD pair, there was a break above a major bearish trend line with resistance at $0.5720. The bulls even pushed the price above the 61.8% Fib retracement level of the downward move from the $0.5932 swing high to the $0.5622 low.

The price is now trading above $0.580 and the 100-hourly Simple Moving Average. It is now consolidating near the 76.4% Fib retracement level of the downward move from the $0.5932 swing high to the $0.5622 low.

On the upside, the price could face resistance near the $0.5880 level. The first major resistance is encountered around $0.5920. The next key resistance could be $0.600. A clear move above the $0.600 resistance might send the price toward the $0.6160 resistance.

The next major resistance is encountered around the $0.6220 level. Any more gains could send the price toward the $0.6320 resistance or even $0.6350 in the near term.

Another Decline?

If XRP fails to clear the $0.5920 resistance zone, it could begin another decline. On the downside, initial support is encountered around the $0.580 level and the 100-hourly Simple Moving Average. The next major support is encountered around the $0.5690 level.

If there is a downside break and a close below the $0.5690 level, the price could continue to decline toward the $0.5620 support in the near term. The next major support sits at $0.5550.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5820 and $0.5790.

Major Resistance Levels – $0.5920 and $0.6000.

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