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.
#Xrp🔥🔥 , #XRPPredictions , #CryptoPredictions , #cryptoanalysis , #XRPGoal
Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“
