HomeAltcoin NewsXRP Price Analysis: Bulls Aim Fresh Increase To $0.70

XRP Price Analysis: Bulls Aim Fresh Increase To $0.70

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  • XRP price is attempting a recovery wave from the $0.590 zone 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 near $0.6150 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase above the $0.650 resistance.

XRP price is consolidating near $0.630 against the US Dollar, like Bitcoin. It must stay above the $0.612 support to start a fresh increase.

XRP Price Analysis

This past week, XRP price made another attempt to clear the $0.6385 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.6385 and started a downside correction.

There was a move below the $0.620 and $0.612 support levels. However, the bulls were active above the $0.590 support. A low has formed near $0.5940 and the price is now correcting losses. XRP is now trading above $0.612 and the 55 simple moving average (4 hours).

There was a move above the 61.8% Fib retracement level of the downward move from the $0.6385 swing high to the $0.5940 low. On the upside, the price is facing resistance near $0.628. It is also near the 76.4% Fib retracement level of the downward move from the $0.6385 swing high to the $0.5940 low.

The next major resistance is near the $0.650 level. The first major resistance is near the $0.655 zone. A clear move above the $0.655 resistance zone might start a strong increase.

In the stated case, the price could even surpass the $0.685 zone and test $0.700. Any more gains might send the price toward the $0.720 resistance.

Initial support on the downside is near the $0.615 level. There is also a key bullish trend line forming with support near $0.6150 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 $0.588 level, below which the price might even test the $0.550 support zone in the near term.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading above the $0.612 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 losing momentum in the bearish zone.

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

Key Support Levels – $0.615, $0.600, and $0.588.

Key Resistance Levels – $0.6385 and $0.650.

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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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