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.
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