HomeAltcoin NewsXRP Price Analysis: What Could Spark Fresh Rally To $0.60

XRP Price Analysis: What Could Spark Fresh Rally To $0.60

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  • XRP price started a downside correction below the $0.565 zone against the US dollar.
  • The price is now trading above $0.540 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.5440 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase above the $0.565 resistance.

XRP price is consolidating near $0.550 against the US Dollar, like Bitcoin. It must stay above the $0.532 support to start a fresh increase.

XRP Price Analysis

This past week, XRP price made another attempt to clear the $0.600 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.585 and started a downside correction.

There was a move below the $0.572 and $0.565 support levels. However, the bulls were active above the $0.532 support. A low has formed near $0.5316 and the price is now consolidating losses. XRP is now trading above $0.540 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near $0.5585. It is also near the 50% Fib retracement level of the downward move from the $0.5859 swing high to the $0.5316 low.

The next major resistance is near the $0.565 level or the 61.8% Fib retracement level of the downward move from the $0.5859 swing high to the $0.5316 low. The first major resistance is near the $0.565 zone. A clear move above the $0.565 resistance zone might start a strong increase.

In the stated case, the price could even surpass the $0.600 zone and test $0.620. Any more gains might send the price toward the $0.65 resistance.

Initial support on the downside is near the $0.5440 level. There is also a key bullish trend line forming with support near $0.5440 on the 4-hour chart of the XRP/USD pair. The next major support is near the $0.532 level. Any more losses could lead the price toward the $0.52 level, below which the price might even test the $0.505 support zone in the near term.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading above the $0.540 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.565 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 – $0.544, $0.532, and $0.520.

Key Resistance Levels – $0.565 and $0.585.

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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