XRP Price Set To Breakout: Will It Trigger A Strong Rally?

XRP price is consolidating gains above the $0.5550 level. The price could gain bullish momentum if it clears the $0.580 resistance zone.

• XRP price is eyeing a fresh increase from the $0.5620 level.
• The price is now trading above $0.5680 and the 100-hourly Simple Moving Average.
• There is a key rising channel forming with support at $0.5630 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase if it clears the $0.580 resistance zone.

XRP Price Holds Uptrend Support

XRP price remained stable near the $0.5550 level and attempted more gains. It formed a base and started a fresh increase beating Bitcoin and Ethereum. There was a move above the $0.5650 resistance zone.

There was a move above the 50% Fib retracement level of the downward move from the $0.5760 swing high to the $0.5614 swing low. The price is now showing positive signs and rising toward the $0.5750 resistance. It is also trading above $0.5680 and the 100-hourly Simple Moving Average.

Besides, there is a key rising channel forming with support at $0.5630 on the hourly chart of the XRP/USD pair. On the upside, the price is facing hurdles near the $0.5725 level. It is close to the 76.4% Fib retracement level of the downward move from the $0.5760 swing high to the $0.5614 swing low.

Source: XRPUSD on TradingView.comThe first major resistance is near the $0.5750 level. The next key resistance could be $0.580. A clear move above the $0.580 resistance might send the price toward the $0.6120 resistance. The next major resistance is near the $0.6250 level. Any more gains might send the price toward the $0.6350 resistance or even $0.650 in the near term.

Another Decline?

If XRP fails to clear the $0.5750 resistance zone, it could start another decline. Initial support on the downside is near the $0.5640 level. The next major support is at $0.5620.

If there is a downside break and a close below the $0.5620 level, the price might continue to decline toward the $0.5550 support in the near term. The next major support sits at $0.5350.

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 – $0.5620 and $0.5550.

Major Resistance Levels – $0.5750 and $0.5800.