XRP price is eyeing a major upside break above the USD 0.650 resistance. The price could rise towards USD 0.70 if the USD 0.650 resistance is cleared.
- XRP is slowly moving higher above the USD 0.612 level.
- The price is now trading above USD 0.615 and the 100 simple moving average (4 hours).
- There was a break above a major descending channel with resistance near $0.618 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 0.645 and USD 0.650 resistance levels.
XRP price aims higher
In recent days, XRP formed a base above the USD 0.5880 pivot level. The price started a decent rise above the USD 0.600 resistance but failed to recover like Bitcoin and Ethereum.
There was a move above the 23.6% Fib retracement level of the main decline from the $0.720 swing high to the $0.5720 swing low. Moreover, there was a break above a major descending channel with resistance near $0.618 on the 4-hour chart of the XRP/USD pair.
The price is now trading above USD 0.615 and the 100 simple moving average (4 hours). On the upside, immediate resistance is around the $0.625 level. The first major resistance is near the $0.645 zone or the 50% Fib retracement level of the main decline from the $0.720 swing high to the $0.5720 swing low.
Source: XRPUSD on TradingView.com
The main resistance is at $0.650. A close above the USD 0.650 resistance zone could lead to a steady rise. The next major resistance is near USD 0.685. If the bulls continue to act above the USD 0.658 resistance level, a rally towards the USD 0.700 resistance could take place. Any further gains could send XRP towards the USD 0.720 resistance.
Another drop?
If XRP fails to break the USD 0.650 resistance zone, it could trigger a fresh decline. Initial downside support is near the $0.615 zone and the 100 simple moving average (4 hours).
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 0.572 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now gaining speed in the bearish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now close to the 50 level.
Major support levels – USD 0.600, USD 0.588 and USD 0.572.
Major resistance levels – $0.645, $0.650 and $0.700.