XRP price is eyeing a significant upside reversal above the $0.650 resistance. A break above the $0.650 resistance could lead to a rebound towards $0.70.
- XRP is slowly rising above the $0.612 level.
- The price is currently trading above $0.615 and the 100 simple moving average (4-hours).
- On the 4-hours chart of the XRP/USD pair (data source from Kraken), there was a breakout above the main descending channel with resistance near $0.618.
- A break above the $0.645 and $0.650 resistance levels will initiate a new rally for the pair.
XRP Price Aims Higher
Over the past few days, XRP has formed a base above the $0.5880 pivot level. The price started to rise significantly above the $0.600 resistance, but failed to rebound like Bitcoin and Ethereum.
There was a move above the 23.6% Fib retracement level of the major decline from the $0.720 swing high to the $0.5720 swing low. Moreover, on the 4-hours chart of the XRP/USD pair, it broke a major downward channel with resistance near $0.618.
The price is currently trading above $0.615 and the 100 simple moving average (4-hours). Meanwhile, immediate resistance is close to the $0.625 level. The first major resistance is near the $0.645 area 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
Main resistance is at $0.650. A break above the $0.650 resistance could trigger a steady rise. The next major resistance is near $0.685. If the bulls continue to see activity above the $0.658 resistance, there could be a rally towards the $0.700 resistance. Any more gains could push XRP towards $0.720 resistance.
Another decline?
If XRP fails to clear the $0.650 resistance area, a new decline could begin. Initial support on the downside is near the $0.615 area and the 100 simple moving average (4-hours).
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 pacing in bearish territory.
4-Hour Relative Strength Index (RSI) – The RSI for XRP/USD is now close to the 50 level.
Key support levels – $0.600, $0.588, $0.572.
Key resistance levels – $0.645, $0.650, $0.700.