The XRP price is up over 10% to settle above the $0.620 support zone. The price tested the USD 0.740 zone and is currently correcting gains.
- XRP price started a decent rise above the USD 0.620 resistance.
- The price is now trading above USD 0.6250 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $0.6180 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start to rise again if it remains above the $0.6200 support zone.
XRP price has more advantages
XRP price remained supported above the USD 0.5850 level. It formed a base and started a new increase above USD 0.6000. It has outperformed Bitcoin and Ethereum over the past two sessions, moving above the USD 0.650 resistance.
The price even climbed above the $0.70 level before the bears appeared. A high was formed at $0.740 before a pullback occurred. It fell below $0.7200 and tested $0.700. The price traded towards the 50% Fib retracement level of the upward move from the $0.6063 swing low to the $0.7400 high.
The price is now trading above USD 0.6250 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $0.6180 on the hourly chart of the XRP/USD pair. The trendline is close to the 76.4% Fib retracement level of the upward move from the $0.6063 swing low to the $0.7400 high.
On the upside, the price could encounter resistance near the USD 0.700 level. The first major resistance is around the $0.7080 level. The next major resistance could be at USD 0.7250. A clear move above the USD 0.7250 resistance could send the price towards the USD 0.740 resistance.
Any further gains could send the price towards the short-term resistance at $0.7550 or even $0.7650. The next major hurdle could be $0.780.
Another drop?
If XRP fails to break the USD 0.7080 resistance zone, it could trigger another decline. The initial downside support is near the $0.6750 level. The next major support is near the $0.6250 level and trendline.
If there is a downside break and a close below the USD 0.6250 level, the price could continue to decline towards USD 0.6050 in the near term. The next major support is near the $0.600 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.6750 and $0.6250.
Major resistance levels – $0.7080 and $0.7250.