XRP price started a new rally above the USD 0.6400 resistance. The bulls are now active above USD 0.680 and could aim for a move towards USD 0.800 or even USD 0.850.
- XRP started a fresh rise above the USD 0.640 resistance level.
- The price is now trading above USD 0.670 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.660 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair could start another rally if there is a close above the $0.720 resistance zone.
XRP Price Rises Over 15%
In recent days, XRP price climbed higher from the $0.530 zone. There was a move above the USD 0.580 and USD 0.600 resistance levels. Yesterday, the price rose over 15%, overcoming the $0.650 resistance and outperforming both Ethereum and Bitcoin.
It reached a high at $0.7442 and the price is now consolidating gains. There was a small decline below the USD 0.720 level. The price fell 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 major bullish trendline 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 major resistance is near USD 0.7440, above which the price could rise towards the USD 0.7850 resistance. A close above the $0.7850 resistance zone could lead to a strong upside.
Source: XRPUSD on TradingView.com
The next major resistance is near USD 0.80. If the bulls continue to act above the USD 0.80 resistance level, a rally towards the USD 0.850 resistance could take place. Any further gains could send the price towards the USD 0.880 resistance.
Another drop?
If XRP fails to break the USD 0.720 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.660 zone and the trendline.
The next major support is $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 USD 0.6350 level, the price may accelerate lower. In the said case, the price could retest the USD 0.600 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 – $0.6600, $0.6350 and $0.600.
Major resistance levels – $0.720, $0.7440 and $0.800.
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.