XRP Price Regains Strength As The Bulls Aim For 10% Surge

XRP price is moving higher from the $0.578 support. The price seems to be setting up for a fresh surge toward the $0.680 and $0.700 levels.

• XRP is attempting a fresh increase from the $0.578 support level.
• The price is now trading above $0.620 and the 100 simple moving average (4 hours).
• There is a key rising channel forming with resistance near $0.650 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
• The pair start a fresh rally if it clears the $0.650 and $0.655 resistance levels.

XRP Price Could Surge To $0.70

After forming a base near the $0.578 zone, XRP price started a decent increase. There was a move above the $0.595 and $0.600 resistance levels. The price even cleared the $0.630 resistance.

There was a spike above the 50% Fib retracement level of the downward move from the $0.700 swing high to the $0.578 swing low. The price is now up over 3%, outperforming Bitcoin and Ethereum. It is now facing resistance near the $0.650 zone.

There is also a key rising channel forming with resistance near $0.650 on the 4-hour chart of the XRP/USD pair. The channel resistance is near the 61.8% Fib retracement level of the downward move from the $0.700 swing high to the $0.578 swing low.

The price is now trading above $0.630 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.650 zone. The next major resistance is near the $0.655 zone. A close above the $0.655 resistance zone could spark a strong increase.

Source: XRPUSD on TradingView.com

The next key resistance is near $0.684. If the bulls remain in action above the $0.684 resistance level, there could be a rally toward the $0.700 resistance. Any more gains might send the price toward the $0.720 resistance.

Fresh Decline?

If XRP fails to clear the $0.650 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.620 zone and the channel trend line.

The next major support is at $0.606. If there is a downside break and a close below the $0.606 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.578 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.620, $0.606, and $0.578.

Major Resistance Levels – $0.650, $0.655, and $0.700.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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• Source: https://www.newsbtc.com/analysis/xrp/xrp-price-regains-strength-0-65/