The XRP price is up over 15% to settle above the $0.740 support zone. The price could accelerate higher if it crosses the USD 0.8450 resistance zone.
- XRP price started a strong rise above the USD 0.720 resistance.
- The price is now trading above $0.750 and the 100-hourly Simple Moving Average.
- A major bullish trendline is forming with support at $0.7400 on the hourly chart of the XRP/USD pair (Kraken data source).
- The pair could start to rise again if it remains above the $0.7240 support zone.
XRP price is gaining strength
XRP price remained supported above the USD 0.620 level. It formed a base and started a strong rise above USD 0.7000. It has outperformed Bitcoin and Ethereum over the past two sessions, moving above the USD 0.740 resistance.
The price even climbed above the USD 0.850 level before the bears appeared. A high was formed at $0.8989 before a pullback occurred. The price fell below USD 0.820 and tested USD 0.720. It tested the 61.8% Fib retracement level of the upward move from the $0.6700 swing low to the $0.8989 high.
The price is now trading above $0.750 and the 100-hourly Simple Moving Average. There is also a major bullish trendline forming with support at $0.740 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 $0.6700 swing low to the $0.8989 high.
On the upside, the price could encounter resistance near the $0.8450 level. The first major resistance is around the $0.8880 level. The next major resistance could be at USD 0.900. A clear move above the USD 0.900 resistance could send the price towards the USD 0.9250 resistance.
Any further gains could send the price towards the near-term resistance at $0.9550 or even $0.9620. The next major hurdle could be $0.9850.
Are dips limited?
If XRP fails to break the USD 0.8450 resistance zone, a downside correction could occur. The initial downside support is near the $0.80 level. The next major support is near the $0.7550 level.
If there is a downside break and a close below the USD 0.7550 level, the price could continue to decline towards USD 0.740 in the near term. The next major support is near the $0.7240 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – USD 0.8000 and USD 0.7550.
Major resistance levels – $0.8450 and $0.8880.
