XRP price is expected to see a fresh rise from the $0.600 support. A break out of the $0.625 resistance area could allow the price to gain bullish momentum.
- XRP is slowly rising above the $0.612 level.
- The price is currently trading below $0.625 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the XRP/USD pair (data source from Kraken), a break occurred below the main bullish trendline with support near $0.628.
- A break above the $0.625 and $0.628 resistance levels will initiate a new rally for the pair.
XRP Price Aims for a New Rise
After a significant increase, XRP faced sellers near $0.700. The bulls lost control and the price started to decline significantly below the $0.650 support line, similar to Bitcoin and Ethereum.
A break occurred below a key bullish trendline with support near $0.628 on the 4-hours chart of the XRP/USD pair. The pair even fell below the $0.612 support level. A low was formed around $0.6010 and the price is currently attempting a new rise.
There was a move above the $0.612 resistance line. However, XRP is currently trading below $0.625 and the 100 simple moving average (4-hours). On the positive side, immediate resistance is near the $0.625 area. It is close to the 23.6% Fib retracement level with a downward move from the $0.7000 swing high to the $0.6010 swing low.
The first major resistance is near the $0.628 area. A break above the $0.628 resistance could trigger a steady rise. The next major resistance is near $0.650 or the 50% Fib retracement level of the major decline from the $0.720 swing high to the $0.5720 swing low.
Source: XRPUSD on TradingView.com
If the bulls continue to be active above the $0.650 resistance, there could be a rally towards the $0.700 resistance. Any more profits could push the price towards the $0.720 resistance.
Another decline?
If XRP fails to clear the $0.625 resistance area, a new decline could begin. Initial support on the downside is near the $0.612 area.
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. As noted, the price may retest the $0.572 support area.
technical indicators
4-Hour MACD – The MACD for XRP/USD is now losing speed in bearish territory.
4-Hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Key support levels – $0.612, $0.600, $0.572.
Key resistance levels – $0.625, $0.628, $0.650.