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XRP price is moving higher from the $0.4540 support. The price could start a fresh rally if there is a clear move above the $0.600 resistance.
- XRP is attempting a fresh increase from the $0.4540 support level.
- The price is now trading below $0.5950 and the 100 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.6080 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair start a fresh rally if it clears the $0.600 and $0.608 resistance levels.
XRP Price Faces Hurdles
This past week, XRP price saw a sharp decline below the $0.550 level. The price declined below the $0.500 support and even spiked below $0.480. A low was formed near $0.4541, and the price is now moving higher, like Bitcoin and Ethereum.
There was a move above the $0.500 and $0.520 resistance levels. The bears cleared the 61.8% Fib retracement level of the main drop from the $0.640 swing high to the $0.454 swing low. However, the price is still below $0.5950 and the 100 simple moving average (4 hours).
On the upside, immediate resistance is near the $0.595 zone or the 76.4% Fib retracement level of the main drop from the $0.640 swing high to the $0.454 swing low. The first key resistance is near $0.600 and $0.608. There is also a key bearish trend line forming with resistance near $0.6080 on the 4-hour chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
A close above the $0.6080 resistance zone could spark a strong increase. The next key resistance is near $0.640. If the bulls remain in action above the $0.640 resistance level, there could be a rally toward the $0.670 resistance. Any more gains might send the price toward the $0.700 resistance.
Another Drop?
If XRP fails to clear the $0.608 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.550 zone.
The next major support is at $0.520. If there is a downside break and a close below the $0.520 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.500 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining 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 – $0.550, $0.520, and $0.500.
Major Resistance Levels – $0.595, $0.600, and $0.608.
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.
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