XRP price is moving higher from the $ 0.578 support. The price seems to be setting up for a fresh surge toward the $ 0.680 and $ 0.700 levels.
- XRP is attempting a fresh increase from the $ 0.578 support level.
- The price is now trading above $ 0.620 and the 100 simple moving average (4 hours).
- There is a key rising channel forming with resistance near $ 0.650 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair start a fresh rally if it clears the $ 0.650 and $ 0.655 resistance levels.
XRP Price Could Surge To $ 0.70
After forming a base near the $ 0.578 zone, XRP price started a decent increase. There was a move above the $ 0.595 and $ 0.600 resistance levels. The price even cleared the $ 0.630 resistance.
There was a spike above the 50% Fib retracement level of the downward move from the $ 0.700 swing high to the $ 0.578 swing low. The price is now up over 3%, outperforming Bitcoin and Ethereum. It is now facing resistance near the $ 0.650 zone.
There is also a key rising channel forming with resistance near $ 0.650 on the 4-hour chart of the XRP/USD pair. The channel resistance is near the 61.8% Fib retracement level of the downward move from the $ 0.700 swing high to the $ 0.578 swing low.
The price is now trading above $ 0.630 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $ 0.650 zone. The next major resistance is near the $ 0.655 zone. A close above the $ 0.655 resistance zone could spark a strong increase.
Source: XRPUSD on TradingView.com
The next key resistance is near $ 0.684. If the bulls remain in action above the $ 0.684 resistance level, there could be a rally toward the $ 0.700 resistance. Any more gains might send the price toward the $ 0.720 resistance.
Fresh Decline?
If XRP fails to clear the $ 0.650 resistance zone, it could start a fresh decline. Initial support on the downside is near the $ 0.620 zone and the channel trend line.
The next major support is at $ 0.606. If there is a downside break and a close below the $ 0.606 level, XRP price might accelerate lower. In the stated case, the price could retest the $ 0.578 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $ 0.620, $ 0.606, and $ 0.578.
Major Resistance Levels – $ 0.650, $ 0.655, and $ 0.700.
