XRP price is rising from the $0.578 support level. The price appears to be preparing for a new surge towards the $0.680 and $0.700 levels.
- XRP is attempting a fresh increase from the $0.578 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 ascending channel forming with resistance near $0.650 (data source from Kraken).
- A break above the $0.650 and $0.655 resistance levels will initiate a new rally for the pair.
XRP price could surge to $0.70.
After forming a base near $0.578, the price of XRP began a significant rise. There was movement above the $0.595 and $0.600 resistance levels. The price also cleared the $0.630 resistance level.
There was a spike above the 50% Fib retracement level moving downward from the $0.700 swing high to the $0.578 swing low. The price is currently up more than 3%, outperforming Bitcoin and Ethereum. It currently faces resistance near $0.650.
There is also a major ascending channel with resistance forming near $0.650 on the 4-hours chart of the XRP/USD pair. Channel resistance is near the 61.8% Fib retracement level moving down from the $0.700 swing high to the $0.578 swing low.
The price is currently trading above $0.630 and the 100 simple moving average (4-hours). Meanwhile, immediate resistance is located near $0.650. The next major resistance is near the $0.655 area. A break above the $0.655 resistance could trigger a strong rally.
Source: XRPUSD on TradingView.com
The next major resistance is near $0.684. If the bulls continue to see activity above the $0.684 resistance, there could be a rally towards the $0.700 resistance. Any more profits could push the price towards the $0.720 resistance.
A new decline?
If XRP fails to clear the $0.650 resistance area, a new decline could begin. Initial support on the downside is near the $0.620 area and the channel trendline.
The next major support is at $0.606. A bearish trend and a close below the $0.606 level could push the price of XRP lower. As noted, the price may retest the $0.578 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 – $0.620, $0.606, $0.578.
Key resistance levels – $0.650, $0.655, $0.700.
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.