The price of XRP is now circling around the $0.600 support level. If the price closes the day above the $0.650 barrier, it might begin a new rise.
Starting from the $0.600 support level, XRP is aiming for a new upward movement.
Above both $0.620 and the 100-day simple moving average, the price has recently moved upward.
The 4-hour chart of the XRP/USD pair shows the formation of a contracting triangle, with resistance located at $0.6380.
If the pair breaks out above the resistance levels of $0.638 and $0.650, it will likely begin a new uptrend.
Prices of XRP Aim Higher
Near the $0.600 zone, XRP price found support following a downward retracement. The price established a foundation and began a small ascent beyond the $0.612 mark, but gains were modest and outpaced those of Bitcoin and Ethereum.
Several times, the price surged beyond the 50% Fibonacci retracement level of the important downturn from the $0.700 swing high to the $0.578 swing low. Nonetheless, a close above the $0.650 resistance was preserved by the bears. Below $0.640, it is currently consolidating.
Above the 100-simple moving average (4 hours) and $0.620, XRP remains steady. As for the upside, the $0.638 zone is where you'll see immediate resistance. On the four-hour chart of the XRP/USD pair, a contracting triangle is also seen, with resistance located at $0.6380.
The 61.8% Fibonacci retracement level of the important slide from the $0.700 swing high to the $0.578 swing low is in the $0.650 zone, which is the next big barrier. A significant surge may be in store if the market closes over the $0.650 resistance level.
Near $0.672 is the next significant obstacle. A push into the $0.700 level of resistance is possible if the bulls maintain their position above the $0.672 level of resistance. If prices continue to rise, they can reach the $0.720 barrier level.
Reverse Shock?
A new drop can begin for XRP if it is unable to overcome the $0.638 barrier level. The triangular trend line and the $0.610 zone provide first downward support.
Near $0.600, you'll find the next significant support level. The XRP price can fall faster if it breaks down and closes below the $0.600 mark. Given the circumstances, it is possible for the price to revisit the $0.550 support area.
Key Performance Indicators
Looking at the 4-hour MACD, we can see that the XRP/USD MACD is moving up and into the positive zone.
On the relative strength index (RSI) over the last four hours, the XRP/USD pair is now trading above the 50 mark.
The three main support levels are $0.610, $0.600, and $0.550.
At $0.638, $0.650, and $0.700, there are three significant resistance levels.
