The XRP price is moving higher above the $0.578 support. The price seems to be gearing up for another surge towards the USD 0.680 and USD 0.700 levels.
- XRP is attempting a fresh increase from the USD 0.578 support level.
- The price is now trading above USD 0.620 and the 100 simple moving average (4 hours).
- A major ascending channel is forming with resistance near $0.650 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair will start a new rally if it overcomes the USD 0.650 and USD 0.655 resistance levels.
XRP price may rise to $0.70
After forming a base near the $0.578 zone, the XRP price started a decent increase. There was a move above the USD 0.595 and USD 0.600 resistance levels. The price even managed to break the resistance at USD 0.630.
There was a peak above the 50% Fib retracement level of the downward move from the $0.700 swing high to the $0.578 swing low. The price is now up more than 3%, outperforming Bitcoin and Ethereum. It is now facing resistance near the $0.650 zone.
A major ascending channel is also forming with resistance near $0.650 on the 4-hour chart of the XRP/USD pair. Channel resistance is near the 61.8% Fib retracement level of the downward move from the $0.700 swing high to the $0.578 swing low.
The price is now trading above USD 0.630 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.650 zone. The next major resistance is near the $0.655 zone. A close above the $0.655 resistance zone could lead to a strong upside.
Source: XRPUSD on TradingView.com
The next major resistance is near $0.684. If the bulls continue to act above the USD 0.684 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.
New decline?
If XRP fails to break the USD 0.650 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.620 zone and the channel trendline.
The next major support is at $0.606. If there is a downside break and a close below the USD 0.606 level, the XRP price may accelerate lower. In the said case, the price could retest the USD 0.578 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.620, $0.606 and $0.578.
Major resistance levels – $0.650, $0.655 and $0.700.
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