58
XRP price started a fresh rally above the $0.6400 resistance. The bulls are now active above $0.680 and might aim for a move toward $0.800 or even $0.850.
- XRP started a fresh increase above the $0.640 resistance level.
- The price is now trading above $0.670 and the 100 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.660 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 $0.720 resistance zone.
XRP Price Jumps Over 15%
In the past few days, XRP price climbed higher from the $0.530 zone. There was a move above the $0.580 and $0.600 resistance levels. Yesterday, it pumped over 15%, cleared the $0.650 resistance, and outperformed both Ethereum and Bitcoin .
A high was formed at $0.7442 and the price is now consolidating gains. There was a minor decline below the $0.720 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.530 swing low to the $0.7442 high.
Ripple’s token price is now trading above $0.660 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.660 on the 4-hour chart of the XRP/USD pair.
On the upside, immediate resistance is near the $0.720 zone. The first key resistance is near $0.7440, above which the price could rise toward the $0.7850 resistance. A close above the $0.7850 resistance zone could spark a strong increase.
Source: XRPUSD on TradingView.com
The next key resistance is near $0.80. If the bulls remain in action above the $0.80 resistance level, there could be a rally toward the $0.850 resistance. Any more gains might send the price toward the $0.880 resistance.
Another Decline?
If XRP fails to clear the $0.720 resistance zone, it could start another decline. Initial support on the downside is near the $0.660 zone and the trend line.
The next major support is at $0.6350 or the 50% Fib retracement level of the upward move from the $0.530 swing low to the $0.7442 high. If there is a downside break and a close below the $0.6350 level, the price might accelerate lower. In the stated case, the price could retest the $0.600 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 – $0.6600, $0.6350, and $0.600.
Major Resistance Levels – $0.720, $0.7440, and $0.800.
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.