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Home»EXCHANGE NEWS»Removing this obstacle could lead to a rebound in XRP price.
EXCHANGE NEWS

Removing this obstacle could lead to a rebound in XRP price.

By Crypto FlexsJanuary 3, 20243 Mins Read
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Removing this obstacle could lead to a rebound in XRP price.
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XRP price is consolidating above the $0.600 support. A daily close above the $0.650 resistance could trigger a new rally for the price.

  • XRP is attempting a fresh increase from the $0.600 support level.
  • The price is currently trading above $0.620 and the 100 simple moving average (4-hours).
  • On the 4-hours chart of the XRP/USD pair, there is a major contraction triangle with resistance forming near $0.6380 (data source from Kraken).
  • A break above the $0.638 and $0.650 resistance levels will initiate a new rally for the pair.

XRP Price Aims Higher

After a downward correction, XRP price found support near $0.600. The price formed a base and began to rise slightly above the $0.612 level, but the gains were limited and small compared to Bitcoin and Ethereum.

The price surged several times above the 50% Fib retracement level of the major decline from the $0.700 swing high to the $0.578 swing low. However, bears protected the close above the $0.650 resistance. It has now consolidated below $0.640.

XRP is stable above $0.620 and the 100 simple moving average (4 hours). On the positive side, immediate resistance is near the $0.638 area. There is also a major contraction triangle with resistance forming near $0.6380 on the 4-hours chart of the XRP/USD pair.

The next major resistance is near the $0.650 area or the 61.8% Fib retracement level of the major decline from the $0.700 swing high to the $0.578 swing low. A break above the $0.650 resistance could trigger a strong rally.

Source: XRPUSD on TradingView.com

The next major resistance is near $0.672. If the bulls continue to be active above the $0.672 resistance, there could be a rally towards the $0.700 resistance. Any more profits could push the price towards the $0.720 resistance.

Disadvantage brakes?

If XRP fails to break through the $0.638 resistance zone, it could begin a new downtrend. Initial support on the downside is near the $0.610 area and the triangle trend line.

The next major support is at $0.600. If a downtrend emerges and closes below the $0.600 level, the XRP price may move lower. If noted, the price may retest the $0.550 support area.

technical indicators

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

4-Hour Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 50 level.

Key support levels – $0.610, $0.600, $0.550.

Key resistance levels – $0.638, $0.650, $0.700.

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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