.jpg)
XRP price is gaining pace above the $0.550 resistance. The bulls seem to be aiming for a move above the $0.60 and $0.62 resistance levels.
- XRP started a fresh increase above the $0.550 resistance level.
- The price is now trading above $0.575 and the 100 simple moving average (4 hours).
- There was a break above a major contracting triangle with resistance at $0.560 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh rally if there is a close above the $0.60 resistance zone.
XRP Price Restarts Increase
In the past few days, XRP price recovered higher from the $0.530 zone. There was a move above the $0.545 and $0.550 resistance levels. However, the upside was less compared to Bitcoin and Ethereum.
There was a break above a major contracting triangle with resistance at $0.560 on the 4-hour chart of the XRP/USD pair. The pair traded as high as $0.5971, and it is currently consolidating gains. It tested the 23.6% Fib retracement level of the upward move from the $0.5290 swing low to the $0.5971 high.
Ripple’s token price is now trading above $0.575 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.580 zone. The first key resistance is near $0.600, above which the price could rise toward the $0.620 resistance. A close above the $0.620 resistance zone could spark a strong increase.
Source: XRPUSD on TradingView.com
The next key resistance is near $0.650. If the bulls remain in action above the $0.650 resistance level, there could be a rally toward the $0.685 resistance. Any more gains might send the price toward the $0.70 resistance.
Another Decline?
If XRP fails to clear the $0.60 resistance zone, it could start another decline. Initial support on the downside is near the $0.575 zone.
The next major support is at $0.5630 or the 50% Fib retracement level of the upward move from the $0.5290 swing low to the $0.5971 high. If there is a downside break and a close below the $0.5630 level, the price might accelerate lower. In the stated case, the price could retest the $0.5350 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 60 level.
Major Support Levels – $0.575, $0.563, and $0.5350.
Major Resistance Levels – $0.5950, $0.600, and $0.620.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
