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

Source Newsbtc

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.

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.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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