The XRP price found support at $0.5685 and started a new rise. The bulls could gain momentum if they manage to push the price above $0.6560.
- The XRP found is attempting a new increase from the $0.5680 support zone.
- The price is now trading above USD 0.630 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.6440 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair could start another rally if it closes above the $0.6560 resistance zone.
XRP price looks set for a fresh rise
After a major decline, XRP price found support near the $0.5685 level. A low was formed at $0.5685 and the price started to rise again, just like Bitcoin and Ethereum.
There was a move above the USD 0.5850 and USD 0.600 resistance levels. The price cleared the 23.6% Fib retracement level of the downwave from the $0.7442 swing high to the $0.5686 low. The bulls pushed the price above the USD 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 major resistance is near USD 0.700, above which the price could rise towards the resistance at USD 0.7320. A close above the resistance zone at $0.7320 could lead to a strong upside. The next major resistance is near $0.7440. If the bulls continue to act above the $0.7440 resistance level, a rally towards the $0.800 resistance could take place. Any further gains could send the price towards the USD 0.820 resistance.
Another drop?
If XRP fails to break the USD 0.6560 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.640 zone and the trendline.
The next major support is at USD 0.620. If there is a downside break and a close below the USD 0.620 level, the price could accelerate lower. In the said case, the price could retest the USD 0.5685 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-hour 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.
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