The price of XRP has recently risen by over 10%, surpassing the support zone at $0.620. It is currently testing the $0.740 mark but is undergoing a slight correction after reaching these gains.
Significant Rise Above the $0.620 Resistance Level
XRP’s price has seen a steady climb, breaking through the key resistance level at $0.620. It is now trading above $0.6250 and the 100-hour moving average.
On the hourly chart of the XRP/USD pair (source: Kraken), a key bullish trend line is forming, providing support around the $0.6180 level. If the price holds above this support, it may be poised for further gains.
Additional Upside Potential for XRP
XRP remains supported above $0.5850, having formed a strong base and rebounding above $0.6000. Over the last two trading sessions, the price has moved above the $0.650 resistance, outperforming both Bitcoin and Ethereum.
The price climbed as high as $0.70 before bears stepped in. The peak reached $0.740 before a slight drop, testing the $0.700 level. In this pullback, XRP approached the 50% Fibonacci retracement level from the rise between $0.6063 and $0.7400.
Currently, XRP is trading above $0.6250 and the 100-hour simple moving average. The key trend line on the XRP/USD chart provides support at $0.6180, close to the 76.4% Fibonacci retracement level. On the upside, the price may face resistance around $0.700, followed by $0.7080 and $0.7250. If XRP breaks above the $0.7250 resistance, it could reach $0.740. Further gains might push the price toward $0.7550 or even $0.780.
Possible Drop?
If XRP fails to clear the $0.7080 resistance zone, it could initiate a decline. The first support is near $0.6750, with additional major support at $0.6250.
If the price breaks below $0.6250, it may continue declining toward the $0.6050 support and then to the $0.600 level.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is losing momentum in the bullish zone.
Hourly RSI: The RSI for XRP/USD is now above 50.
Key Support Levels: $0.6750 and $0.6250
Main Resistance Levels: $0.7080 and $0.7250
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