The price of XRP is making progress over the point of resistance at $0.550. It would seem that the bulls are striving for a move that is higher above the resistance levels of $0.60 and $0.62.

A new upward trend for XRP began when it broke over the $0.550 barrier mark.
It is now trading at a level that is higher than $0.575 and the 100 simple moving average.

On the 4-hour chart of the XRP/USD pair, there was a break above a large contracting triangle with resistance at $0.560. This occurred.

The pair has the potential to initiate a new rally if it manages to close higher than the resistance zone located at $0.60.

Increases in the Price of XRP Restarts

Over the course of the last several days, the price of XRP has rallied upward from the $0.530 sector. Resistance levels of $0.545 and $0.550 were overcome by a move that occurred above them. On the other hand, the potential payoff was lower when compared to Bitcoin and Ethereum.

The XRP/USD pair saw a break above a large contracting triangle with resistance at $0.560 on the 4-hour chart. This occurred after the triangle was broken. Although it reached a high of $0.5971 during trading, the pair is now maintaining its gains. Over the course of the upward movement from the swing low of $0.5290 to the high of $0.5971, it challenged the 23.6% Fibonacci retracement level.

At this moment, the price of a Ripple cryptocurrency is trading higher than $0.575 and the 100 simple moving average for the last four hours. On the high side, the immediate resistance is located close to the zone of $0.580. The price may be able to advance toward the $0.620 barrier if it is able to overcome the first important obstacle, which is located close to $0.600. A big gain may be triggered if the price closes above the resistance zone of $0.620.

Forecasting the Price of XRP

Next, the important resistance is located close to $0.650. The possibility of a rally toward the $0.685 resistance level exists in the event that the bulls continue to maintain their position above the $0.650 resistance level. If there are any more increases, the price may move closer to the resistance level of $0.70.

Is There Another Fall?
It is possible that XRP may begin another slide if it is unable to break through the resistance zone at $0.60. The zone around $0.575 is where first support on the downside might be found.

The next significant support is located around $0.5630, which is also the level of the 50% Fibonacci retracement of the upward advance that occurred from the swing low of $0.5290 to the high of $0.5971. There is a possibility that the price may plunge much more if there is a break to the downside and a closure below the $0.5630 mark. It is possible that the price may retest the $0.5350 support zone in the specified scenario.


Indexes of Technical Concern

The MACD for the XRP/USD pair is now losing momentum in the bullish zone, as seen by the 4-hour MACD.

The 4-hour Relative Strength Index (RSI) shows that the RSI for the XRP/USD pair is now higher above the 60 mark.

Key levels of support are $0.575, $0.563, and $0.5350 respectively.

Significant levels of resistance are $0.5950, $0.600, and $0.620 respectively.

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