XRP Price Analysis: Bulls Targeting $0.60 Resistance

XRP Price Analysis: Bulls Targeting $0.60 Resistance

XRP price has been gaining momentum recently, with bulls aiming for a move above key resistance levels at $0.60 and $0.62. The cryptocurrency started a fresh increase above the $0.550 resistance level and is now trading above $0.575 and the 100 simple moving average on the 4-hour chart.

On the 4-hour chart of the XRP/USD pair, there was a break above a major contracting triangle with resistance at $0.560. The pair could potentially start a fresh rally if there is a close above the $0.60 resistance zone. However, the recent upside movement has been less compared to Bitcoin and Ethereum.

Immediate resistance is seen near the $0.580 zone, with the first key resistance level at $0.600. If XRP manages to break above $0.600, the price could rise further toward the $0.620 resistance. A close above $0.620 could potentially spark a strong increase, with the next key resistance at $0.650. Further bullish momentum could lead the price towards the $0.685 and $0.70 resistance levels.

On the downside, initial support is near $0.575, followed by a major support level at $0.563. If there is a downside break and a close below $0.563, the price might accelerate lower towards the $0.535 support zone.

The MACD for XRP/USD is currently losing pace in the bullish zone, while the RSI is above the 60 level. Major support levels to watch include $0.575, $0.563, and $0.535, with resistance levels at $0.595, $0.600, and $0.620.

XRP price is showing signs of a potential bullish breakout, with bulls targeting key resistance levels above $0.60. However, investors are advised to conduct their own research and consider the risks before making any investment decisions.

Analysis

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