XRP Price Eyes $0.60: Can It Pick Up the Pace?

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XRP price started a recovery wave from the $0.5440 zone. The price is now eyeing more gains above the $0.5720 resistance zone in the near term.

• XRP price started a decent increase from the $0.5400 zone.
• The price is now trading above $0.5620 and the 100-hourly Simple Moving Average.
• There was a break above a connecting bearish trend line with resistance at $0.5560 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could climb higher toward the $0.600 zone if it clears the $0.5720 resistance zone.

XRP Price Starts Recovery

XRP price extended losses like Bitcoin and Ethereum. The price even tested the $0.5440 zone before the bulls appeared. The price started a recovery wave and was able to climb above the $0.5550 resistance zone.

Besides, there was a break above a connecting bearish trend line with resistance at $0.5560 on the hourly chart of the XRP/USD pair. There was a clear move above the $0.5650 resistance. Finally, it retested the $0.5720 resistance zone.

A high was formed at $0.5718 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $0.5440 swing low to the $0.5718 high.

The price is now trading above $0.5620 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.570 level. The first major resistance is near the $0.5720 level. The next key resistance could be $0.5850. A clear move above the $0.5850 resistance might send the price toward the $0.600 resistance.

Source: XRPUSD on TradingView.comThe next major resistance is near the $0.6060 level. Any more gains might send the price toward the $0.6150 resistance or even $0.620 in the near term.

Another Decline?

If XRP fails to clear the $0.5720 resistance zone, it could start another decline. Initial support on the downside is near the $0.562 level. The next major support is at $0.5580 or the 50% Fib retracement level of the upward move from the $0.5440 swing low to the $0.5718 high.

If there is a downside break and a close below the $0.5580 level, the price might continue to decline toward the $0.5440 support in the near term. The next major support sits at $0.5320.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5580 and $0.5440.

Major Resistance Levels – $0.5720 and $0.5850.