XRP price is gaining speed above the resistance at $0.550. The bulls seem to be aiming for a move above the USD 0.60 and USD 0.62 resistance levels.
- XRP started a fresh rise above the USD 0.550 resistance level.
- The price is now trading above USD 0.575 and the 100 simple moving average (4 hours).
- There was a break above a key contracting triangle with resistance at $0.560 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair could start another rally if it closes above the $0.60 resistance zone.
XRP price restarts
In recent days, XRP price rebounded higher from the $0.530 zone. There was a move above the USD 0.545 and USD 0.550 resistance levels. However, the advantage was less compared to Bitcoin and Ethereum.
There was a break above a key contract triangle with resistance at $0.560 on the 4-hour chart of the XRP/USD pair. The pair traded at $0.5971 and is currently consolidating gains. It tested the 23.6% Fib retracement level of the upward move from the $0.5290 swing low to the $0.5971 high.
Ripple’s token price is now trading above $0.575 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.580 zone. The first major resistance is near USD 0.600, above which the price could rise towards the USD 0.620 resistance. A close above the $0.620 resistance zone could lead to a strong upside.
Source: XRPUSD on TradingView.com
The next major resistance is near USD 0.650. If the bulls continue to act above the USD 0.650 resistance level, a rally towards the USD 0.685 resistance could take place. Any further gains could send the price towards the USD 0.70 resistance.
Another drop?
If XRP fails to break the USD 0.60 resistance zone, it could trigger another decline. The initial downside support is near the $0.575 zone.
The next major support is $0.5630 or the 50% Fib retracement level of the upward move from the $0.5290 swing low to the $0.5971 high. If there is a downside break and a close below the USD 0.5630 level, the price could accelerate lower. In the said case, the price could retest the USD 0.5350 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 60 level.
Major support levels – $0.575, $0.563 and $0.5350.
Major resistance levels – $0.5950, $0.600 and $0.620.
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