XRP price found support at $0.5680 and started a new increase. Bulls are now looking for a move towards the $0.700 resistance.
- XRP found support near $0.5680 and began a recovery wave above $0.60.
- The price is now trading above $0.620 and the 100 simple moving average (4-hours).
- There was a break above a downtrend line with resistance at $0.610 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could initiate a new rally if there is a close above the $0.6560 resistance zone.
XRP price regains traction
After a large decline, XRP price found support near the $0.5680 zone. A low was formed at $0.5684 and the price began a further increase, as Bitcoin It is Ethereum.
There was a move above the $0.580 and $0.600 resistance levels. The price surpassed the 23.6% Fibonacci retracement level of the downward move from the $0.7440 high to $0.5684 low. There was also a break above a downtrend line with resistance at $0.610 on the 4-hour chart of the XRP/USD pair.
Ripple token price is now trading above $0.620 and the 100 simple moving average (4-hours). On the upside, immediate resistance is near the $0.6560 zone. It is close to the 50% Fibonacci retracement level of the downward movement from the $0.7440 high to $0.5684 low.
Source: XRPUSD on TradingView.com
The first key resistance is near $0.700, above which the price could rise towards the $0.7440 resistance. A close above the $0.7440 resistance zone could trigger a strong rise. The next key resistance is near $0.7650. If the bulls remain in action above the $0.7650 resistance level, there could be a rally towards the $0.800 resistance. Any further gains could send the price towards the $0.820 resistance.
Another decline?
If XRP fails to break above the $0.6560 resistance zone, it could begin another decline. Initial negative support is near the $0.630 zone.
The next major support is at $0.600. If there is a downside breakout and a close below the $0.600 level, the price could accelerate lower. In the stated case, the price could retest the $0.5680 support zone.
Technical Indicators
4-hour MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.630, $0.600 and $0.5680.
Main resistance levels – $0.6560, $0.700 and $0.7440.
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