Ripple is trading in a contracting range above $0.6000 against the US Dollar. XRP price is setting up for a major break either above $0.6200 or below $0.5800.

After testing the $0.5500 support area, ripple’s XRP price started a steady recovery. There was a break above the $0.5750 and $0.5800 resistance levels to move into a short-term bullish zone.

The price traded above the 23.6% Fib retracement level of the downward move from the $0.6847 high to $0.5446 low. It is now trading above the $0.6000 level and the 100 simple moving average (4-hours). On the upside, the price is facing a major resistance near $0.6150 and $0.6200.

There is also a crucial contracting triangle forming with resistance at $0.6130 on the 4-hours chart of the XRP/USD pair. The contracting triangle is close to the 50% Fib retracement level of the downward move from the $0.6847 high to $0.5446 low.

A close above the $0.6150 and $0.6200 resistance levels could open the doors for a sharp increase. A successful close above the $0.6200 resistance could lift the price towards the $0.6500 resistance level. Any more upsides might lead the price towards the $0.6800 zone. An intermediate resistance is seen near the $0.6720.

If ripple fails to surpass the $0.6150 and $0.6200 resistance levels, it could decline heavily. An initial support on the downside is near the $0.6000 level.

The first major support is now forming near the $0.5800 level. A break below the triangle support zone and the 100 simple moving average (4-hours) might call for a sharp decline. The next major support is seen near the $0.5500 level.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is losing momentum in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently flat near the 50 level.

Major Support Levels – $0.6000, $0.5800 and $0.5750.

Major Resistance Levels – $0.6150, $0.6200 and $0.6500.

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