XRP price is consolidating gains above the $0.5850 level, with potential to start a major increase if it clears the $0.6150 resistance zone. The price is currently trading above $0.5980 and the 100-hourly Simple Moving Average. A bullish trend line is forming with support at $0.600 on the hourly chart of the XRP/USD pair.
The price is eying a fresh increase from the $0.5850 level, with bullish patterns above $0.5880 and $0.5920 levels. The price has gained pace above the 50% Fib retracement level of the recent downward move from $0.6149 swing high to $0.5853 low.
If the price continues its upward trend, resistance levels near $0.6050, $0.6080, and $0.6150 could pose hurdles. A clear move above the $0.6150 resistance might push the price toward $0.6220 and potentially towards $0.6550 or even $0.6880 in the near term.
If XRP fails to clear the $0.6050 resistance zone, a short-term pullback could occur. Initial support on the downside is near the $0.600 level, with major support at $0.5880 and $0.5650. Technical indicators show the hourly MACD gaining pace in the bullish zone, and the RSI above the 50 level.
