57
XRP price found support at $0.5685 and started a fresh increase. The bulls could gain strength if they manage to push the price above $0.6560.
- XRP found is attempting a fresh increase from the $0.5680 support zone.
- The price is now trading above $0.630 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.6440 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh rally if there is a close above the $0.6560 resistance zone.
XRP Price Eyes Fresh Surge
After a major decline, XRP price found support near the $0.5685 level. A low was formed at $0.5685 and the price started a fresh increase, like Bitcoin and Ethereum .
There was a move above the $0.5850 and $0.600 resistance levels. The price cleared the 23.6% Fib retracement level of the downward wave from the $0.7442 swing high to the $0.5686 low. The bulls pushed the price above the $0.640 resistance zone.
Ripple’s token price is now trading above $0.630 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.6560 zone. It is close to the 50% Fib retracement level of the downward wave from the $0.7442 swing high to the $0.5686 low.
Source: XRPUSD on TradingView.com
The first key resistance is near $0.700, above which the price could rise toward the $0.7320 resistance. A close above the $0.7320 resistance zone could spark a strong increase. The next key resistance is near $0.7440. If the bulls remain in action above the $0.7440 resistance level, there could be a rally toward the $0.800 resistance. Any more gains might send the price toward the $0.820 resistance.
Another Drop?
If XRP fails to clear the $0.6560 resistance zone, it could start another decline. Initial support on the downside is near the $0.640 zone and the trend line.
The next major support is at $0.620. If there is a downside break and a close below the $0.620 level, the price might accelerate lower. In the stated case, the price could retest the $0.5685 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.640, $0.620, and $0.5685.
Major Resistance Levels – $0.6560, $0.700, and $0.7440.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.