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Home»EXCHANGE NEWS»Momentum picks up again with bulls targeting $0.75.
EXCHANGE NEWS

Momentum picks up again with bulls targeting $0.75.

By Crypto FlexsFebruary 29, 20243 Mins Read
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Momentum picks up again with bulls targeting alt=
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XRP price is gaining momentum above the $0.550 resistance level. The bulls appear to be targeting a move above the $0.60 and $0.62 resistance levels.

  • XRP started a new rise above the $0.550 resistance level.
  • The price is currently trading above $0.575 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the XRP/USD pair (data source from Kraken), a breakout occurred above the main contraction triangle with resistance at $0.560.
  • If the price closes above the $0.60 resistance zone, the pair could start a new rally.

XRP price rises again

Over the past few days, the XRP price has recovered higher in the $0.530 area. There was movement above the $0.545 and $0.550 resistance levels. However, compared to Bitcoin or Ethereum, the upside potential was small.

On the 4-hours chart of the XRP/USD pair, a breakout occurred above the major contraction triangle with resistance at $0.560. The pair traded as high as $0.5971 and is currently consolidating gains. It tested the 23.6% Fib retracement level from the $0.5290 swing low to the $0.5971 high.

Ripple’s token price is currently trading above $0.575 and the 100 simple moving average (4-hours). Meanwhile, immediate resistance is located near $0.580. The first major resistance is near $0.600, above which there may be a rise towards the $0.620 resistance level. A break above the $0.620 resistance could trigger a strong rally.

Source: XRPUSD on TradingView.com

The next major resistance is near $0.650. If the bulls continue to be active above the $0.650 resistance, there could be a rally towards the $0.685 resistance. Any more profits could push the price towards $0.70 resistance.

Another decline?

If XRP fails to clear the $0.60 resistance area, another decline could begin. Initial support on the downside is near the $0.575 area.

The next major support is the 50% Fib retracement level at $0.5630 or the rise from the $0.5290 swing low to the $0.5971 high. A downward breakout and a close below the $0.5630 level could push the price lower. If indicated, the price may retest the $0.5350 support area.

technical indicators

4-Hour MACD – The MACD for XRP/USD is now losing speed in bullish territory.

4-Hour Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 60 level.

Key support levels – $0.575, $0.563, $0.5350.

Key resistance levels – $0.5950, $0.600, $0.620.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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