Rally

Bitcoin

Resistance

XRP price is holding gains above the $0.5920 zone. The price could gain bullish momentum if it clears the $0.6120 resistance level. 
<ul> 
 <li>XRP price is consolidating gains below the $0.6120 resistance zone.</li> 
 <li>The price is now trading near $0.6050 and the 100-hourly Simple Moving Average.</li> 
 <li>There is a key contracting triangle forming with resistance at $0.6120 on the hourly chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair could start another increase if it stays above the $0.5920 support zone.</li> 
</ul> 
<h2 id="xrp-price-eyes-fresh-increase">XRP Price Eyes Fresh Increase</h2> 
XRP price remained stable above the $0.580 support zone. It traded as low as $0.5846 and recently started an upward move. There was a clear move above the $0.600 resistance zone, but it lagged momentum like <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovers-65k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-targets-recovery-3350/" target="_blank" rel="noopener ">Ethereum</a>. 
There was a move above the 50% Fib retracement level of the downward move from the $0.6257 swing high to the $0.5846 low. It is now trading near $0.6050 and the 100-hourly Simple Moving Average. 
If there are more upsides, the price could face resistance near the $0.6120 level. There is also a key contracting triangle forming with resistance at $0.6120 on the hourly chart of the XRP/USD pair. The stated triangle resistance is close to the 61.8% Fib retracement level of the downward move from the $0.6257 swing high to the $0.5846 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_d96f65.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-631661 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_d96f65.png?resize=1024%2C461" alt="XRP Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_d96f65.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_d96f65.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_d96f65.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_d96f65.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_d96f65.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_d96f65.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_d96f65.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first major resistance is near the $0.6250 level. The next key resistance could be $0.6320. A clear move above the $0.6320 resistance might send the price toward the $0.6450 resistance. The next major resistance is near the $0.6550 level. Any more gains might send the price toward the $0.680 resistance. 
<h2 id="another-decline">Another Decline?</h2> 
If XRP fails to clear the $0.6120 resistance zone, it could start another decline. Initial support on the downside is near the $0.6020 level. The next major support is at $0.5920 and the triangle’s trend line zone. 
If there is a downside break and a close below the $0.5920 level, the price might continue to decline toward the $0.580 support in the near term. The next major support sits at $0.5650. 
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 near the 50 level. 
Major Support Levels – $0.5920 and $0.5800. 
Major Resistance Levels – $0.6120 and $0.6250.

XRP Price Positioned for a Surge: Is Another Rally on the Horizon?

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