XRP price has seen a fresh increase, starting above the $0.580 zone and now eyeing an upside break above the $0.600 resistance level. The price action has been positive, with the pair trading above the 100-hourly Simple Moving Average and forming a key contracting triangle with support at $0.5880 on the hourly chart of the XRP/USD pair.
The recent movement in XRP price has been stable, remaining above the $0.540 level. There was a climb above key resistance levels at $0.5650 and $0.5720. However, XRP has lagged behind Ethereum and Bitcoin in its momentum. Despite this, the price has managed to climb above the 50% Fib retracement level of the downward move from the $0.6374 swing high to the $0.5404 low.
The current resistance near the $0.600 level poses a challenge for XRP bulls. If the pair manages to break above this level, the next major resistance lies at $0.6150. Further resistance levels to watch for include $0.6370, $0.650, $0.6665, and $0.680.
On the flip side, if XRP fails to clear the $0.600 resistance zone, it could see another decline. Initial support is found near the $0.5880 level, followed by the triangle lower trend line at $0.5650. A close below the $0.5650 level could signal further downside movement towards the $0.540 support area.
Technical indicators for XRP/USD show positive signs, with the Hourly MACD gaining pace in the bullish zone and the Hourly RSI above the 50 level. Major support levels to watch for are at $0.5880 and $0.5650, while major resistance levels stall at $0.6000 and $0.6150.
In conclusion, the XRP price movement shows potential for further upward momentum if it clears the $0.600 resistance zone. However, failure to do so could result in a downside move towards the $0.540 support level. Traders should keep a close eye on key support and resistance levels to gauge the next direction of XRP price action.
For more trending news articles on cryptocurrencies like XRP, check out DeFi Daily News. Stay informed and updated on the latest developments in the decentralized finance space.
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