XRP price is gaining pace above the $0.6320 resistance zone. The price is up over 6%, outperforming Bitcoin, and might rise further toward $0.6750.
- XRP price is gaining pace above the $0.6320 zone.
- The price is now trading above $0.640 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $0.640 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could rise further if it clears the $0.6580 resistance zone.
XRP Price Rallies Over 6%
XRP price formed a base above the $0.60 zone and started a fresh increase. It cleared the $0.6120 and $0.6150 resistance levels to move into a positive zone. The price is up over 6%, outperforming Bitcoin and Ethereum, and might aim for more gains.
A high is formed at $0.6582 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $0.6113 swing low to the $0.6582 high.
The price is now trading above $0.640 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.640 on the hourly chart of the XRP/USD pair. If there is a fresh increase, the price could face resistance near the $0.6580 level.
The first major resistance is near the $0.6650 level. The next key resistance could be $0.6720. A clear move above the $0.6720 resistance might send the price toward the $0.6850 resistance.
Source: XRPUSD on TradingView.com
The next major resistance is near the $0.6940 level. Any more gains might send the price toward the $0.700 resistance or even $0.720 in the near term.
Are Dips Supported?
If XRP fails to clear the $0.6580 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.6450 level. The next major support is at $0.640 or the trend line.
If there is a downside break and a close below the $0.640 level, the price might continue to decline toward the $0.6350 support in the near term. The next major support sits at $0.6220 or the 76.4% Fib retracement level of the upward move from the $0.6113 swing low to the $0.6582 high.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.6400 and $0.6350.
Major Resistance Levels – $0.6580 and $0.6720.
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
Disclaimer: The information found on NewsBTC is 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.
