XRP Price Surges: Will Bulls Break Through $0.60 Resistance?
XRP Price Climbs: Bulls Eyeing $0.60
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XRP price found support near the $0.5600 level and is now rallying, aiming for a breakthrough above the $0.60 resistance zone. The digital asset’s bullish momentum is evident in its climb above the $0.5750 mark and the 100-hourly Simple Moving Average. A decisive break above the connecting bearish trend line at $0.5750 on the hourly chart of the XRP/USD pair (data from Kraken) suggests that a bullish shift is underway.
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XRP price is demonstrating a clear upward trajectory, surpassing both Bitcoin and Ethereum after a recent dip. The price dipped below the $0.5750 support zone but quickly rebounded near the $0.560 level. A low was established at $0.5597, igniting a fresh rally that saw XRP outperforming both BTC and ETH. The price steadily rose above the $0.570 and $0.5720 resistance levels, surpassing the 50% Fib retracement level of the downward move from the $0.5989 swing high to the $0.5597 low.
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Currently, XRP is trading above $0.5750 and the 100-hourly Simple Moving Average, suggesting a strong bullish sentiment. While the $0.5890 level may act as a temporary resistance point, a clear move above the $0.590 and $0.600 resistance levels could pave the way for further gains.
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Bullish Outlook: A Path to $0.6440
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A decisive break above the $0.600 resistance could propel XRP towards the $0.6120 resistance level. The $0.6250 level marks a significant resistance zone, but further gains could send the price towards the $0.6320 or even the $0.6440 mark in the near term.
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Potential for a Pullback
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If XRP fails to break through the $0.590 resistance zone, a pullback might occur. Initial support on the downside lies near the $0.5765 level, with the next major support at $0.5750. A breakdown and close below the $0.5750 level could lead to further declines, potentially taking the price down to the $0.560 support level. The $0.5420 level represents a significant support area below.
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Technical Indicators Point to Bullish Momentum
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The hourly MACD for XRP/USD is gaining momentum in the bullish zone, indicating strong buying pressure. The hourly RSI (Relative Strength Index) for XRP/USD is currently above the 50 level, suggesting that buyers are in control.
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Key Support and Resistance Levels
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- Major Support Levels: $0.5765, $0.5600
- Major Resistance Levels: $0.5900, $0.6000
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