XRP price is aiming for a new bounce above the $0.630 resistance level. A break above the $0.630 and $0.640 resistance levels could see the price gain bullish momentum.
- XRP is slowly rising from the $0.600 support level.
- The price is currently trading below $0.630 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 bearish trendline with resistance near $0.610.
- A break above the $0.630 and $0.640 resistance levels will initiate a new rally for the pair.
XRP price aims for a new surge.
After a major decline, XRP found support near $0.580. A low was formed near $0.5781 and the price began to rise steadily. There was a move above the $0.600 resistance level, but XRP lagged in momentum compared to Bitcoin and Ethereum.
There was a break above the 23.6% Fib retracement level of the key decline from the $0.700 swing high to the $0.578 swing low. Moreover, a breakout occurred above the main bearish trendline with resistance near $0.610 on the 4-hours chart of the XRP/USD pair.
The price is currently trading below $0.630 and the 100 simple moving average (4-hours). Meanwhile, immediate resistance is located near $0.630. This is close to the 50% Fib retracement level of the key decline from the $0.700 swing high to the $0.578 swing low.
Source: XRPUSD on TradingView.com
The first major resistance is near the $0.640 area. A break above the $0.640 resistance could trigger a strong rally. 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.
Another decline?
If XRP fails to clear the $0.630 resistance area, a new decline could begin. Initial support on the downside is near the $0.606 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 $0.578 support area.
technical indicators
4-Hour MACD – The MACD for XRP/USD is now losing speed in bearish territory.
4-Hour Relative Strength Index (RSI) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.606, $0.600, $0.578.
Key resistance levels – $0.630, $0.640, $0.672.
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