HomeAltcoin NewsXRP Price Analysis: Bulls Aim For Surge To $0.70

XRP Price Analysis: Bulls Aim For Surge To $0.70

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  • XRP price is attempting a fresh increase from the $0.590 support against the US dollar.
  • The price is now trading above $0.620 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $0.620 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase above the $0.6500 resistance.

XRP price is gaining pace above $0.620 against the US Dollar, like Bitcoin. It must stay above the $0.600 support to continue higher in the near term.

XRP Price Analysis

This past week, XRP price gained pace and attempted to clear the $0.650 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.650 and started a downside correction.

There was a move below the $0.6320 and $0.620 support levels. However, the bulls were active above the $0.590 support. A low has formed near $0.5901 and the price is now attempting a fresh increase. XRP is now trading above $0.620 and the 55 simple moving average (4 hours).

There was a move above the 50% Fib retracement level of the downward move from the $0.6512 swing high to the $0.5901 low. On the upside, the price is facing resistance near $0.638.

The 76.4% Fib retracement level of the downward move from the $0.6512 swing high to the $0.5901 low is also near $0.638. The next major resistance is near the $0.650 level. The first major resistance is near the $0.680 zone. A clear move above the $0.680 resistance zone might start a strong increase.

In the stated case, the price could even surpass the $0.700 zone and test $0.720. Any more gains might send the price toward the $0.750 resistance.

Initial support on the downside is near the $0.620 level. There is also a key bullish trend line forming with support at $0.620 on the 4-hour chart of the XRP/USD pair. The next major support is near the $0.600 level. Any more losses could lead the price toward the $0.590 level, below which the price might even test the $0.5650 support zone in the near term.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading above the $0.620 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.650 resistance.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.

Key Support Levels – $0.620, $0.600, and $0.590.

Key Resistance Levels – $0.6380 and $0.650.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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