HomeAltcoin NewsXRP Price Analysis: Fresh Rally If Bulls Clear This Resistance

XRP Price Analysis: Fresh Rally If Bulls Clear This Resistance

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  • XRP price is attempting a fresh increase above the $0.60 support against the US dollar.
  • The price is now trading above $0.60 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support at $0.6240 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase if it clears the $0.6565 resistance.

XRP price is consolidating above $0.60 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 month, XRP price gained pace and attempted to clear the $0.740 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.740 and started a downside correction.

There was a move below the $0.680 and $0.650 support levels. However, the bulls were active above the $0.5680 support. A low has formed near $0.5684 and the price is now attempting a fresh increase. There was a break above the 23.6% Fib retracement level of the downward wave from the $0.7460 swing high to the $0.5684 low.

XRP is now trading above $0.60 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support at $0.6240 on the 4-hour chart of the XRP/USD pair.

On the upside, the price is facing resistance near $0.6360. The first key resistance is near the $0.6565 level or the 50% Fib retracement level of the downward wave from the $0.7460 swing high to the $0.5684 low. The next major resistance is near the $0.6780 level.

A clear move above the $0.6780 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.700 zone and test $0.740. Any more gains might send the price toward the $0.780 resistance.

Initial support on the downside is near the $0.6240 level. The next major support is near the $0.600 level. Any more losses could lead the price toward the $0.5680 level, below which the price might even test the $0.5350 support zone in the near term.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading above the $0.600 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.6565 resistance.

Technical indicators

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

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

Key Support Levels – $0.6240, $0.600, and $0.5680.

Key Resistance Levels – $0.6360 and $0.6565.

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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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