The XRP price is moving higher above the $0.4540 support. The price could start a new rally if there is a clear move above the USD 0.600 resistance.
- XRP is attempting a new increase from the USD 0.4540 support level.
- The price is now trading below $0.5950 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance near $0.6080 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 0.600 and USD 0.608 resistance levels.
XRP Price Faces Hurdles
Over the past week, the XRP price saw a sharp decline below the USD 0.550 level. The price fell below the USD 0.500 support and even peaked below USD 0.480. A low formed near $0.4541, and the price is now heading higher along with Bitcoin and Ethereum.
There was a move above the USD 0.500 and USD 0.520 resistance levels. The bears have crossed the 61.8% Fib retracement level of the key decline from the $0.640 swing high to the $0.454 swing low. However, the price is still below $0.5950 and the 100 simple moving average (4 hours).
On the upside, immediate resistance is near the $0.595 zone or the 76.4% Fib retracement level of the main decline from the $0.640 swing high to the $0.454 swing low. The first major resistance is near USD 0.600 and USD 0.608. There is also a major bearish trendline forming with resistance near $0.6080 on the 4-hour chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
A close above the $0.6080 resistance zone could lead to a strong upside. The next major resistance is near USD 0.640. If the bulls continue to act above the USD 0.640 resistance level, a rally towards the USD 0.670 resistance could take place. Any further gains could send the price towards the USD 0.700 resistance.
Another drop?
If XRP fails to break the USD 0.608 resistance zone, it could trigger another decline. The initial downside support is near the $0.550 zone.
The next major support is at USD 0.520. If there is a downside break and a close below the USD 0.520 level, the XRP price could accelerate lower. In the said case, the price could retest the $0.500 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – USD 0.550, USD 0.520 and USD 0.500.
Major resistance levels – $0.595, $0.600 and $0.608.
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