XRP price is consolidating above the $0.600 support. The price could start a fresh rally if there is a daily close above the $0.650 resistance.
- XRP is attempting a fresh increase from the $0.600 support level.
- The price is now trading above $0.620 and the 100 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance near $0.6380 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair start a fresh rally if it clears the $0.638 and $0.650 resistance levels.
XRP Price Aims Higher
After a downside correction, XRP price found support near the $0.600 zone. The price formed a base and started a minor increase above the $0.612 level, but upsides were limited and less compared to Bitcoin and Ethereum.
The price spiked a few times above the 50% Fib retracement level of the key decline from the $0.700 swing high to the $0.578 swing low. However, the bears protected a close above the $0.650 resistance. It is now consolidating below $0.640.
XRP is stable above $0.620 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.638 zone. There is also a key contracting triangle forming with resistance near $0.6380 on the 4-hour chart of the XRP/USD pair.
The next major resistance is near the $0.650 zone or the 61.8% Fib retracement level of the key decline from the $0.700 swing high to the $0.578 swing low. A close above the $0.650 resistance zone could spark a strong increase.
Source: XRPUSD on TradingView.com
The next key resistance is near $0.672. If the bulls remain in action above the $0.672 resistance level, there could be a rally toward the $0.700 resistance. Any more gains might send the price toward the $0.720 resistance.
Downside Break?
If XRP fails to clear the $0.638 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.610 zone and the triangle trend line.
The next major support is at $0.600. If there is a downside break and a close below the $0.600 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.550 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 – $0.610, $0.600, and $0.550.
Major Resistance Levels – $0.638, $0.650, and $0.700.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Credit: Source link
