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.
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