XRP price started rebounding from the $0.5440 zone and is targeting further gains above the $0.5720 resistance in the short term. The price is trading above $0.5620 and the 100-hourly Simple Moving Average.
A break above a bearish trend line at $0.5560 on the XRP/USD chart (from Kraken data) facilitated this upward move. The pair could reach the $0.600 zone if it clears the $0.5720 resistance.
XRP's price, similar to Bitcoin and Ethereum, tested the $0.5440 zone before rising. Bulls pushed the price above the $0.5550 resistance, breaking a bearish trend line.
After retesting the $0.5720 resistance, XRP is now consolidating and trading above the 23.6% Fib retracement level from the $0.5440 low to $0.5718 high. It's holding above $0.5620 and the 100-hourly Simple Moving Average.
For a continued rise, XRP must overcome resistances at $0.570 and $0.5720. If successful, it could rally to $0.600 or even $0.620. Failure to clear $0.5720 may result in a decline, with supports at $0.5580 and $0.5440. Major resistance levels are $0.5720 and $0.5850.
