XRP Price Nears $0.60: Is A Major Pump Imminent?

Aayush Jindal

8 months ago

2 mins read

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XRP price is again moving higher above $0.580. The price could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels.

XRP price remained supported near the $0.5700 zone.
The price is now trading above $0.580 and the 100-hourly Simple Moving Average.
There was a break above a major bearish trend line with resistance at $0.5720 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5920 and $0.600 resistance levels.

XRP Price Eyes Upside Break

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.

There was a break above a major bearish trend line with resistance at $0.5720 on the hourly chart of the XRP/USD pair. 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. The price 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 might face resistance near the $0.5880 level. The first major resistance is near the $0.5920 level. 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.

XRP Price — Source: XRPUSD on TradingView.com

The next major resistance is near the $0.6220 level. Any more gains might 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 start another decline. Initial support on the downside is near the $0.580 level and the 100-hourly Simple Moving Average. The next major support is near the $0.5690 level.

If there is a downside break and a close below the $0.5690 level, the price might 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.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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