XRP price is consolidating gains above the $0.5550 level, showing potential for a breakout if it clears the $0.580 resistance zone. Currently trading above $0.5680 and the 100-hourly Simple Moving Average, XRP is forming a key rising channel with support at $0.5630, indicating an upward trend.
XRP formed a base near the $0.5550 level, showing signs of more gains. It moved above the $0.5650 resistance and is now approaching the $0.5750 resistance level. Clearing this level may push the price towards $0.6120 and potentially $0.6250, with further gains towards $0.6350 or $0.650.
If XRP fails to surpass the $0.5750 resistance, it may decline with initial support at $0.5640 and major support at $0.5620. A downside break below $0.5620 could lead to further declines towards $0.5550 and $0.5350.
Technical indicators show positive signs: the MACD is gaining pace in the bullish zone, and the RSI is above the 50 level. Major support levels are at $0.5620 and $0.5550, while major resistance levels are at $0.5750 and $0.5800.
