XRP price rose by more than 10% and broke the $0.620 support area. It also tested the $0.740 area and is now correcting gains. The price is currently above the $0.6250 level and the 100 hourly simple moving average.
There is a key bullish trend line in place with support at $0.6180 on the hourly chart of the XRP/USD pair. If the pair sustains above the $0.6200 support area, it is likely to start another upward move.
XRP price is expected to continue its upward move. It was able to hold above $0.5850 and formed a base and started a fresh increase above $0.6000. It performed better than both Bitcoin and Ethereum in the past two trading sessions and also broke the $0.650 resistance level.
The price climbed above $0.70 before the bears emerged. A high was formed at $0.740 before a correction. The price then declined below $0.7200 and tested $0.700. It also traded above the 50% Fibonacci retracement level of the upward move from the $0.6063 low to $0.7400 high.
The price is now trading above the $0.6250 level and the 100 hourly simple moving average. There is a key bullish trend line support at $0.6180 on the hourly chart. This trend line is close to the 76.4% Fibonacci retracement level of the upward move from the $0.6063 low to $0.7400 high.
On the upside, the price is likely to face resistance near the $0.700 level. The first major resistance is near the $0.7080 level, while the next key resistance is likely to be $0.7250. If the price clearly breaks above the $0.7250 resistance level, it is likely to move towards the $0.740 resistance level.
If the XRP price rises further, it might move towards the $0.7550 or even $0.7650 resistance level in the near term. The next major hurdle is $0.780.
If XRP fails to break above the $0.7080 resistance zone, it may fall again. On the downside, the initial support is near $0.6750, while the next major support is near $0.6250 and the trend line. If it breaks down and closes below $0.6250, the price may continue to fall to the $0.6050 support level in the near term, while the next major support is near the $0.600 area.
Technical indicators:
Hourly MACD – The MACD for XRP/USD is now in the bullish zone but it is slowing down.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
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