XRP Price Eyes Upside Break: Will The Gains Keep Rolling?

XRP price has started a fresh increase from the $0.540 zone and is now rising, potentially breaking above the $0.600 resistance.

Points

• XRP price increased above the $0.580 zone.
• A key contracting triangle is forming with support at $0.5880.
• Potential for gains if XRP clears the $0.600 resistance zone.
• Technical indicators show bullish momentum.

XRP price has remained stable above the $0.540 level, initiating a fresh increase. It moved past the $0.5650 and $0.5720 resistance levels, although it lagged behind Ethereum and Bitcoin.

The price climbed above the 50% Fib retracement level of the downward move from $0.6374 to $0.5404. Current price action is positive above the 100-hourly Simple Moving Average, though bulls face resistance near the $0.600 level.

A key contracting triangle is forming with support at $0.5880 on the hourly chart of the XRP/USD pair. The pair is now trading above $0.5880 and the 100-hourly Simple Moving Average.

If there is an upward move, the price could face resistance near $0.600. The first major resistance is at $0.6150, followed

by $0.6370. A clear move above the $0.6370 resistance might push the price toward the $0.650 resistance level. The next significant resistance is near $0.6665, and any additional gains might drive the price toward the $0.680 resistance.

If XRP fails to clear the $0.600 resistance zone, it could start another decline. Initial support on the downside is near the $0.5880 level and the triangle’s lower trend line. The next major support is at $0.5650. A downside break and close below $0.5650 could lead to a decline toward the $0.540 support in the near term.

Technical indicators like the hourly MACD, gaining pace in the bullish zone, and the RSI, above the 50 level, support the bullish outlook.

Explanation

• XRP’s recent price action and technical indicators suggest potential for further gains if resistance levels are breached.
• Key support and resistance levels are crucial for understanding possible price movements.
• Monitoring the market sentiment and technical signals can provide insights into XRP’s price trajectory.