XRP price found support at $0.5685 and started a new increase. Bulls could gain strength if they manage to push the price above $0.6560.
- Found XRP is attempting a further rise from the $0.5680 support zone.
- The price is now trading above $0.630 and the 100 simple moving average (4-hours).
- There is a bullish trendline forming with support near $0.6440 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 Looks Like New Rise
After a large decline, XRP price found support near the $0.5685 level. A low was formed at $0.5685 and the price began a further increase, as Bitcoin It is Ethereum.
There was a move above the $0.5850 and $0.600 resistance levels. The price surpassed the 23.6% Fibonacci retracement level of the descending wave from the high of $0.7442 to the low of $0.5686. The bulls pushed the price above the $0.640 resistance zone.
Ripple token price is now trading above $0.630 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 descending wave from the high of $0.7442 to the low of $0.5686.
Source: XRPUSD on TradingView.com
The first key resistance is near $0.700, above which the price could rise towards the $0.7320 resistance. A close above the $0.7320 resistance zone could trigger a strong rise. The next key resistance is near $0.7440. If the bulls remain in action above the $0.7440 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 drop?
If XRP fails to break above the $0.6560 resistance zone, it could begin another decline. Initial negative support is near the $0.640 zone and trendline.
The next major support is at $0.620. If there is a downside breakout and a close below the $0.620 level, the price could accelerate lower. In the stated case, the price could retest the $0.5685 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 – $0.640, $0.620 and $0.5685.
Main resistance levels – $0.6560, $0.700 and $0.7440.
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