The price of XRP has surged by over 15%, currently holding above the support zone at $0.740. Further upward momentum is possible if the price clears the key resistance level at $0.8450.
Strong Growth in XRP Price
XRP initiated its rally by breaking the resistance level at $0.720. It is now trading above $0.750 and the 100-hour simple moving average. On the hourly chart of the XRP/USD pair (data source: Kraken), a key bullish trend line is forming with support at $0.740.
If the price stays above the support zone at $0.7240, another upward move could follow.
XRP Gains Strength
XRP maintained support above the $0.620 level, forming a base for its recent surge. Over the past two sessions, it outperformed Bitcoin and Ethereum by breaking the resistance at $0.740.
The price briefly climbed above $0.850 before facing bearish resistance. A high was formed at $0.8989 before a pullback brought the price below $0.820 to test $0.720. This aligns with the 61.8% Fib retracement level of the upward move from the $0.6700 swing low to the $0.8989 high.
Currently, the price is trading above $0.750 and holding above the key trend line. This trend line is close to the 76.4% Fib retracement level of the upward move.
Key Resistance Levels
The price may face resistance near $0.8450. The next major resistance lies at $0.8880, followed by a key level at $0.900. If the price clears $0.900, it could continue rising toward $0.9250, then $0.9550, and even $0.9620. The most significant barrier would be near $0.9850.
Is the Downside Limited?
If XRP fails to break the $0.8450 resistance, a correction to the downside could follow. The first support is near $0.800, while the next major support lies at $0.7550.
A break below $0.7550 could push the price further down toward $0.740, with additional support near $0.7240.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for XRP/USD is now above 50.
Major Support Levels: $0.800 and $0.755.
Major Resistance Levels: $0.845 and $0.888.
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