XRP price is gaining speed above the USD 0.6320 resistance zone. The price is up over 6%, outperforming Bitcoin and could rise further towards $0.6750.
- XRP price is rapidly gaining above the $0.6320 zone.
- The price is now trading above USD 0.640 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $0.640 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could rise further if it breaks the $0.6580 resistance zone.
XRP Price Rises Over 6%
The XRP price formed a base above the $0.60 zone and started a new increase. It managed to break the USD 0.6120 and USD 0.6150 resistance levels and entered a positive zone. The price is up over 6%, outperforming Bitcoin and Ethereum and could be aiming for more gains.
A high is formed at $0.6582 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $0.6113 swing low to the $0.6582 high.
The price is now trading above USD 0.640 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $0.640 on the hourly chart of the XRP/USD pair. If there is a fresh rise, the price could face resistance near the $0.6580 level.
The first major resistance is around the $0.6650 level. The next major resistance could be $0.6720. A clear move above the resistance at USD 0.6720 could send the price towards the resistance at USD 0.6850.
The next major resistance is near the $0.6940 level. Any further gains could send the price towards the near-term resistance at USD 0.700 or even USD 0.720.
Are dips supported?
If XRP fails to break the USD 0.6580 resistance zone, a downside correction could occur. The initial downside support is near the $0.6450 level. The next major support is at $0.640 or the trendline.
If there is a downside break and a close below the USD 0.640 level, the price could continue falling towards USD 0.6350 in the near term. The next major support is at $0.6220 or the 76.4% Fib retracement level of the upward move from the $0.6113 swing low to the $0.6582 high.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.6400 and $0.6350.
Major resistance levels – $0.6580 and $0.6720.
