HomeAltcoin NewsXRP Price Analysis: Rally Could Extend Toward $0.75

XRP Price Analysis: Rally Could Extend Toward $0.75

-

  • XRP price is gaining pace above the $0.65 support against the US dollar.
  • The price is now trading above $0.65 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.638 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could extend its increase above the $0.70 resistance zone.

XRP price is rising above $0.65 against the US Dollar, like Bitcoin. The price must stay above $0.625 to continue higher in the near term.

XRP Price Analysis

In the past few days, XRP price saw a strong increase above the $0.55 resistance against the US Dollar. It climbed above the $0.625 resistance zone to move into a positive zone.

The price gathered pace and climbed above the $0.650 resistance zone. The pair even surged toward the $0.688 resistance zone. A high is formed near $0.6885 and the price is now consolidating gains. It is trading nicely above the 23.6% Fib retracement level of the upward move from the $0.5886 swing low to the $0.6885 high.

XRP price is now trading above $0.65 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.688. The next major resistance is near the $0.70 level.

The main resistance is now forming near the $0.720 zone. A clear move above the $0.700 and $0.720 levels might start a steady increase. In the stated case, the price could test the $0.750 resistance.

Any more gains might send the price toward the $0.80 resistance. Initial support on the downside is near the $0.665 level. The next major support is near the $0.650 level, below which the price could gain bearish momentum toward the $0.635 support.

There is also a key bullish trend line forming with support near $0.638 on the 4-hour chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $0.5886 swing low to the $0.6885 high. Any more losses could lead the price toward the $0.625 level.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading above the $0.650 zone and the 55 simple moving average (4 hours). Overall, the price could start another increase if it stays above $0.700.

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 – $0.6650, $0.6500, and $0.6350.

Key Resistance Levels – $0.7000 and $0.7500.

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.

Follow us

0FansLike
0FollowersFollow
0SubscribersSubscribe

Most Popular