22 August 2024
XRP price is consolidating gains above the $0.5850 level. The price could start a major increase if it clears the $0.6150 resistance zone.
XRP price is eyeing a fresh increase from the $0.5850 level.
The price is now trading above $0.5980 and the 100-hourly Simple Moving Average.
There is a connecting bullish trend line forming with support at $0.600 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase if it clears the $0.6150 resistance zone.
XRP Price Aims Higher
XRP price formed a base above the $0.5850 level. The price started a steady increase above the $0.5880 and $0.5920 levels like Bitcoin and Ethereum.
There is a bullish continuation pattern forming from the $0.5850 level. The price gained pace for a move above the 50% Fib retracement level of the downward move from the $0.6149 swing high to the $0.5853 low. The price is now trading above $0.5980 and the 100-hourly Simple Moving Average.
There is also a connecting bullish trend line forming with support at $0.600 on the hourly chart of the XRP/USD pair. If there is an upside continuation, the price could face hurdles near the $0.6050 level.
The 61.8% Fib retracement level of the downward move from the $0.6149 swing high to the $0.5853 low is also near the $0.6050 level. The first major resistance is near the $0.6080 level. The next key resistance could be $0.6150.
A clear move above the $0.6150 resistance might send the price toward the $0.6220 resistance. The next major resistance is near the $0.6350 level. Any more gains might send the price toward the $0.6550 resistance or even $0.6880 in the near term.
Another Pullback?
If XRP fails to clear the $0.6050 resistance zone, it could start a short-term pullback. Initial support on the downside is near the $0.600 level. The next major support is at $0.5880.
If there is a downside break and a close below the $0.5880 level, the price might continue to decline toward the $0.5650 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 – $0.600 and $0.5850.
Major Resistance Levels – $0.6050 and $0.6220.