The activity of traders has ensured the stability of XRP /USD above the support area at $0.58. XRP was able to reach a low level of $0.5846 prior to the bulls initiating a new upside move in recent times. They pushed XRP clearly past the barrier area at $0.60, but could not provide sufficient momentum to fuel a significant upswing.
XRP was able to move past the 50% Fibonacci correction level of the fall from $0.6257 swing high to $0.5846 low. A look at its 1-hour chart shows that its current performance is at levels close to $0.605, as well as near the 100 hourly SMA.
The ability of the bulls to push it further to the upside may lead to the barrier level close to $0.612. The same chart shows the formation of a major contracting triangle with a barrier level at $0.612. The location of the triangle barrier is near the 61.8% Fibonacci correction level of the fall from $0.6257 swing high to $0.5846 low.
The initial major barrier level is close to $0.625, while the immediate key barrier may be encountered at $0.6320. The ability of the bulls to push XRP clearly past the barrier level at $0.632 may lead to the barrier level at $0.645.
The immediate major barrier level is close to $0.655. If there are any additional gains, the bulls may be able to pave the way for a move towards the barrier level at $0.68.
On the other hand, the failure of the bulls to push XRP clearly past the barrier area at $0.612 may empower the bears to initiate a new downside move. The first support level on the way downward is close to $0.602. The immediate key support level is located at $0.592, as well as at the trend line area of the triangle.
If XRP breaks and closes beneath $0.592, the bears may be able to pave the way for more downside moves toward the support level at $0.58 over the coming few sessions. The immediate key support level is located at $0.565.
