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Home»EXCHANGE NEWS»XRP price could soon be the next to rebound. Here’s why:
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XRP price could soon be the next to rebound. Here’s why:

By Crypto FlexsDecember 24, 20233 Mins Read
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XRP price could soon be the next to rebound.  Here’s why:
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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.

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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