The XRP price is eyeing a fresh rise against the $0.600 support. The price could gain bullish momentum if it crosses the USD 0.625 resistance zone.
- XRP is slowly moving higher above the USD 0.612 level.
- The price is now trading below $0.625 and the 100 simple moving average (4 hours).
- There was a break below a key bullish trendline with support near $0.628 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair will start a new rally if it overcomes the $0.625 and $0.628 resistance levels.
XRP price aims for new increase
After a big rise, XRP faced sellers near the $0.700 zone. The bulls lost control and the price started a big decline below the $0.650 support, just like Bitcoin and Ethereum.
There was a break below a key bullish trendline with support near $0.628 on the 4-hour chart of the XRP/USD pair. The pair even fell below the support at $0.612. A low was formed near USD 0.6010, and the price is now trying to make a new increase.
There was a move above the resistance at $0.612. However, XRP is now trading below $0.625 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.625 zone. It is close to the 23.6% Fib retracement level of the downward move from the $0.7000 swing high to the $0.6010 swing low.
The first major resistance is near the $0.628 zone. A close above the $0.628 resistance zone could lead to a steady rise. The next major resistance is near $0.650 or the 50% Fib retracement level of the main decline from the $0.720 swing high to the $0.5720 swing low.
Source: XRPUSD on TradingView.com
If the bulls continue to act above the USD 0.650 resistance level, a rally towards the USD 0.700 resistance could take place. Any further gains could send the price towards the USD 0.720 resistance.
Another drop?
If XRP fails to break the USD 0.625 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.612 zone.
The next major support is at USD 0.600. If there is a downside break and a close below the USD 0.600 level, the XRP price may accelerate lower. In the said case, the price could retest the USD 0.572 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major support levels – $0.612, $0.600 and $0.572.
Major resistance levels – $0.625, $0.628 and $0.650.
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