XRP price is looking for another rally above the USD 0.630 resistance. The price could gain bullish momentum if it crosses the USD 0.630 and USD 0.640 resistance levels.
- XRP is slowly moving up from the $0.600 support level.
- The price is now trading below $0.630 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near $0.610 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 0.630 and USD 0.640 resistance levels.
XRP price aims for new increase
After a major decline, XRP found support near the $0.580 zone. A low was formed near $0.5781, and the price started to rise steadily. There was a move above the USD 0.600 resistance, but XRP lagged behind momentum compared to Bitcoin and Ethereum.
There was a break above the 23.6% Fib retracement level of the main decline from the $0.700 swing high to the $0.578 swing low. Additionally, there was a break above a major bearish trendline with resistance around $0.610 on the 4-hour chart of the XRP/USD pair.
The price is now trading below $0.630 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.630 zone. It is close to the 50% Fib retracement level of the main decline from the $0.700 swing high to the $0.578 swing low.
Source: XRPUSD on TradingView.com
The first major resistance is near the $0.640 zone. A close above the $0.640 resistance zone could lead to a strong upside. The next major resistance is near $0.672. If the bulls continue to act above the USD 0.672 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 0.630 resistance zone, it could trigger a fresh decline. The initial downside support is near the $0.606 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 0.578 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 above the 50 level.
Major support levels – $0.606, $0.600 and $0.578.
Major resistance levels – $0.630, $0.640 and $0.672.
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