XRP price found support at $0.5680 and started a fresh increase. The bulls are now aiming for a move toward the $0.700 resistance.
- XRP found support near $0.5680 and started a recovery wave above $0.60.
- The price is now trading above $0.620 and the 100 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance at $0.610 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 $0.6560 resistance zone.
XRP Price Regains Traction
After a major decline, XRP price found support near the $0.5680 zone. A low was formed at $0.5684 and the price started a fresh increase, like Bitcoin and Ethereum.
There was a move above the $0.580 and $0.600 resistance levels. The price cleared the 23.6% Fib retracement level of the downward move from the $0.7440 swing high to the $0.5684 low. There was also a break above a key bearish trend line with resistance at $0.610 on the 4-hour chart of the XRP/USD pair.
Ripple’s token price is now trading above $0.620 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.6560 zone. It is close to the 50% Fib retracement level of the downward move from the $0.7440 swing high to the $0.5684 low.
Source: XRPUSD on TradingView.com
The first key resistance is near $0.700, above which the price could rise toward the $0.7440 resistance. A close above the $0.7440 resistance zone could spark a strong increase. The next key resistance is near $0.7650. If the bulls remain in action above the $0.7650 resistance level, there could be a rally toward the $0.800 resistance. Any more gains might send the price toward the $0.820 resistance.
Another Decline?
If XRP fails to clear the $0.6560 resistance zone, it could start another decline. Initial support on the downside is near the $0.630 zone.
The next major support is at $0.600. If there is a downside break and a close below the $0.600 level, the price might accelerate lower. In the stated case, the price could retest the $0.5680 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 50 level.
Major Support Levels – $0.630, $0.600, and $0.5680.
Major Resistance Levels – $0.6560, $0.700, and $0.7440.
