XRP price is gaining pace above the $0.6320 resistance zone. The price is up over 6%, outperforming Bitcoin, and it could further rise to $0.6750.
- XRP price is gaining pace above the $0.6320 zone.
- The price is now trading above $0.640 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $0.640 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could rise further if it breaks above the $0.6580 resistance zone.
XRP Price Surges Over 6%
XRP price formed a base above the $0.60 zone and started a fresh increase. It cleared the $0.6120 and $0.6150 resistance levels to enter a positive zone. The price surged over 6%, surpassing Bitcoin It is Ethereumand can aim for more gains.
A high is formed at $0.6582 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $0.6113 swing low to $0.6582 high.
The price is now trading above $0.640 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $0.640 on the hourly chart of the XRP/USD pair. If there is a fresh increase, the price could face resistance near the $0.6580 level.
The first major resistance is near the $0.6650 level. The next key resistance could be $0.6720. A clear move above the $0.6720 resistance could send the price towards the $0.6850 resistance.
The next major resistance is near the $0.6940 level. Any further gains could send the price towards the $0.700 or even $0.720 resistance in the near term.
Are dives supported?
If XRP fails to break above the $0.6580 resistance zone, it could start a downside correction. The initial support on the downside is near the $0.6450 level. The next major support is at $0.640 or the trend line.
If there is a downside break and close below the $0.640 level, the price could continue falling towards the $0.6350 support in the near term. The next major support lies at $0.6220 or the 76.4% Fib retracement level of the upward move from the $0.6113 swing low to $0.6582 high.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key support levels – $0.6400 and $0.6350.
Key Resistance Levels – $0.6580 and $0.6720.
