XRP price started a major increase above $0.500 after court’s ruling. The price is up over 25% and eyes more upsides above the $0.640 resistance.
- XRP price started a strong increase above the $0.500 and $0.550 levels.
- The price is now trading above $0.5880 and the 100-hourly Simple Moving Average.
- There is a connecting bullish trend line forming with support at $0.5280 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $0.640 resistance zone.
XRP Price Starts Fresh Surge
XRP price formed a base above $0.450 and started a major increase beating Ethereum and Bitcoin. The price was able to surpass the $0.5150 and $0.550 resistance levels.
It gained over 25% and broke many hurdles near the $0.600 level. A high was formed at $0.6473 and the price recently corrected some gains. There was a move below the $0.600 level. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.4922 swing low to the $0.6477 high.
However, the bulls are active near $0.5880. It is still trading above $0.600 and the 100-hourly Simple Moving Average. On the upside, the price is facing hurdles near the $0.6250 level.
The first major resistance is near the $0.6350 level. The next key resistance could be $0.640. A clear move above the $0.640 resistance might send the price toward the $0.6550 resistance. The next major resistance is near the $0.6880 level. Any more gains might send the price toward the $0.700 resistance or even $0.720 in the near term.
Are Dips Supported?
If XRP fails to clear the $0.620 resistance zone, it could start another decline. Initial support on the downside is near the $0.600 level. The next major support is at $0.5880.
If there is a downside break and a close below the $0.5880 level, the price might continue to decline toward the $0.570 support or the 50% Fib retracement level of the upward move from the $0.4922 swing low to the $0.6477 high. The next major support sits at $0.540.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.600 and $0.5880.
Major Resistance Levels – $0.6200 and $0.6400.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.