XRP price is eyeing a fresh rally above the $0.630 resistance. The price could gain bullish momentum if it clears the $0.630 and $0.640 resistance levels.
- XRP is slowly moving higher from the $0.600 support level.
- The price is now trading below $0.630 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near $0.610 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair start a fresh rally if it clears the $0.630 and $0.640 resistance levels.
XRP Price Aims Fresh Surge
After a major decline, XRP found support near the $0.580 zone. A low was formed near $0.5781, and the price started a steady increase. There was a move above the $0.600 resistance, but XRP lagged momentum compared to Bitcoin and Ethereum.
There was a break above the 23.6% Fib retracement level of the key drop from the $0.700 swing high to the $0.578 swing low. Besides, there was a break above a major bearish trend line with resistance near $0.610 on the 4-hour chart of the XRP/USD pair.
The price is now trading below $0.630 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.630 zone. It is close to the 50% Fib retracement level of the key drop from the $0.700 swing high to the $0.578 swing low.
Source: XRPUSD on TradingView.com
The first major resistance is near the $0.640 zone. A close above the $0.640 resistance zone could spark a strong increase. The next key resistance is near $0.672. If the bulls remain in action above the $0.672 resistance level, there could be a rally toward the $0.700 resistance. Any more gains might send the price toward the $0.720 resistance.
Another Decline?
If XRP fails to clear the $0.630 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.606 zone.
The next major support is at $0.600. If there is a downside break and a close below the $0.600 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.578 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.606, $0.600, and $0.578.
Major Resistance Levels – $0.630, $0.640, and $0.672.