XRP price is up over 10% and moving higher above the $0.620 support zone. The price tested the $0.740 zone and is currently correcting gains.
- XRP price started a decent increase above the $0.620 resistance.
- The price is now trading above $0.6250 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $0.6180 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $0.6200 support zone.
XRP Price Eyes More Upsides
XRP price remained supported above the $0.5850 level. It formed a base and started a fresh increase above $0.6000. It outperformed Bitcoin and Ethereum in the past two sessions, with a move above the $0.650 resistance.
The price even climbed above the $0.70 level before the bears appeared. A high was formed at $0.740 before there was a pullback. It dipped below $0.7200 and tested $0.700. The price traded toward the 50% Fib retracement level of the upward move from the $0.6063 swing low to the $0.7400 high.
The price is now trading above $0.6250 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.6180 on the hourly chart of the XRP/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $0.6063 swing low to the $0.7400 high.
On the upside, the price might face resistance near the $0.700 level. The first major resistance is near the $0.7080 level. The next key resistance could be $0.7250. A clear move above the $0.7250 resistance might send the price toward the $0.740 resistance.
Any more gains might send the price toward the $0.7550 resistance or even $0.7650 in the near term. The next major hurdle might be $0.780.
Another Drop?
If XRP fails to clear the $0.7080 resistance zone, it could start another decline. Initial support on the downside is near the $0.6750 level. The next major support is near the $0.6250 level and the trend line.
If there is a downside break and a close below the $0.6250 level, the price might continue to decline toward the $0.6050 support in the near term. The next major support sits near the $0.600 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.6750 and $0.6250.
Major Resistance Levels – $0.7080 and $0.7250.
