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Bulls Aim For Fresh Surge To $0.70

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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.

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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