XRP price started a fresh increase from the $0.540 zone. The price is now rising and eyeing an upside break above the $0.600 resistance zone.
<ul>
 <li>XRP price started a fresh increase above the $0.580 zone.</li>
 <li>The price is now trading above $0.580 and the 100-hourly Simple Moving Average.</li>
 <li>There is a key contracting triangle forming with support at $0.5880 on the hourly chart of the XRP/USD pair (data source from Kraken).</li>
 <li>The pair could extend gain bullish momentum if it clears the $0.60 resistance zone.</li>
</ul>
<h2 id="xrp-price-eyes-more-upsides">XRP Price Eyes More Upsides</h2>
XRP price remained stable above the $0.540 level and started a fresh increase. There was a move above the $0.5650 and $0.5720 resistance levels but lagged <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-climbs-3700/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> and <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-regains-68k/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>.
The price climbed above the 50% Fib retracement level of the downward move from the $0.6374 swing high to the $0.5404 low. The current price action is positive above the 100-hourly Simple Moving Average, but the bulls are now facing resistance near the $0.600 level.
There is also a key contracting triangle 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.
<a href="https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_91b41d.png?resize=1024%2C461" rel="noopener noreferrer nofollow"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-630851" src="https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_91b41d.png?resize=1024%2C461" alt="XRP Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_91b41d.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_91b41d.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_91b41d.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_91b41d.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_91b41d.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_91b41d.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/XRP_Price_91b41d.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a>
If there is a fresh upward move, the price could face resistance near the $0.600 level. The first major resistance is near the $0.6150 level. The next key resistance could be $0.6370. A clear move above the $0.6370 resistance might send the price toward the $0.650 resistance. The next major resistance is near the $0.6665 level. Any more gains might send the price toward the $0.680 resistance.
<h2 id="another-drop">Another Drop?</h2>
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 lower trend line. The next major support is at $0.5650.
If there is a downside break and a close below the $0.5650 level, the price might continue to decline toward the $0.540 support in the near term.
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 – $0.5880 and $0.5650.
Major Resistance Levels – $0.6000 and $0.6150.

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

Зміст

NewsBTC

Інші статті, опубліковані 22 лип. 2024 р.

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