XRP Price Analysis: Can XRP Rally Above $0.5750?
Currently, the XRP price is looking to initiate a new uptrend from the $0.5620 support level. The price has managed to stay above $0.5680 and the 100-hourly Simple Moving Average, indicating a positive momentum in the market. Additionally, there is a significant rising channel with a support level at $0.5630 visible on the hourly chart of the XRP/USD pair sourced from Kraken exchange.
Positive Price Movements
- XRP price showed stability near $0.5550 before attempting further gains.
- The cryptocurrency formed a strong base and started a fresh upward movement outperforming Bitcoin and Ethereum.
- A break above the $0.5650 resistance zone was observed, signaling bullish sentiment in the market.
Technical Indicators
- There was a successful move above the 50% Fib retracement level from the $0.5760 swing high to $0.5614 swing low, indicating strong buying interest.
- The hourly MACD for XRP/USD is currently heading towards the bullish zone, suggesting an increase in buying pressure.
- Hourly RSI for XRP/USD is above the 50 level, signifying a positive trend in price movements.
Potential Price Trajectory
- The immediate resistance for XRP price stands at $0.5750, with a further hurdle at $0.580.
- A successful breakout above the $0.580 mark could propel the price towards the $0.6120 resistance level.
- Subsequently, XRP may target key resistance levels at $0.6250, $0.6350, and potentially $0.650 in the foreseeable future.
Critical Support Levels
In case of a bearish scenario, if XRP fails to surpass the $0.5750 resistance zone, a downside retracement could be initiated. The initial support is noted near $0.5640, followed by a significant support level at $0.5620. Further support levels include $0.5550 and $0.5350.
Hot Take: XRP Price Outlook
As XRP makes a bullish move above key resistance levels, the crypto market is eagerly watching for a potential breakout above $0.5750. With technical indicators showing positive signs, XRP’s price trajectory could aim for higher resistance levels in the near future.
By
By
By
By