XRP price began a new bounce above the $0.6400 resistance level. The bull market is currently active above $0.680 and could target a rise to $0.800 or $0.850.
- XRP began a new rise above the $0.640 resistance level.
- The price is currently trading above $0.670 and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.660 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- A close above the $0.720 resistance zone could trigger a new rally for the pair.
XRP price rises more than 15%
Over the past few days, the price of XRP has moved higher in the $0.530 area. There was movement above the $0.580 and $0.600 resistance levels. Yesterday it rose more than 15%, cleared the $0.650 resistance level, and outperformed both Ethereum and Bitcoin.
A high was formed at $0.7442 and the price is now consolidating gains. There was a slight decline below the $0.720 level. The price fell below the 23.6% Fib retracement level, rising from the $0.530 swing low to the $0.7442 high.
Ripple’s token price is currently trading above $0.660 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.660 on the 4-hours chart of the XRP/USD pair.
Meanwhile, immediate resistance is located near $0.720. The first major resistance is near $0.7440, a break above which could lead to a rise to $0.7850. A break above the $0.7850 resistance could trigger a strong rally.
Source: XRPUSD on TradingView.com
The next major resistance is near $0.80. If the bulls continue to be active above the $0.80 resistance, there could be a rally towards the $0.850 resistance. Any more profits could push the price towards the $0.880 resistance.
Another decline?
If XRP fails to clear the $0.720 resistance area, another decline could begin. Initial support on the downside is near the $0.660 area and trendline.
The next major support is the 50% Fib retracement level at $0.6350 or the rise from the $0.530 swing low to the $0.7442 high. A downward breakout and a close below the $0.6350 level could push the price lower. If indicated, the price may retest the $0.600 support zone.
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 50 level.
Key support levels – $0.6600, $0.6350 and $0.600.
Key resistance levels – $0.720, $0.7440 and $0.800.
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