XRP Attempts Fresh Increase from $0.578 Support Level
XRP price has started a decent increase after finding support near the $0.578 zone. It has surpassed resistance levels at $0.595, $0.600, and $0.630.
The price is now up over 3%, outperforming Bitcoin and Ethereum, and is trading above $0.630 and the 100 simple moving average (4 hours). However, it is currently facing resistance near the $0.650 zone.
XRP Price Could Surge to $0.70
A key rising channel is forming with resistance near $0.650 on the 4-hour chart of the XRP/USD pair. This channel’s resistance aligns with the 61.8% Fibonacci retracement level of the downward move from the $0.700 swing high to the $0.578 swing low.
If XRP manages to clear the $0.650 and $0.655 resistance levels, it could initiate a fresh rally. The next major resistance levels are at $0.684, $0.700, and potentially even $0.720.
Fresh Decline?
If XRP fails to break above the $0.650 resistance zone, it might experience a fresh decline. The initial support lies near the $0.620 zone and the channel trend line.
Should there be a downside break below the $0.606 level and a close below it, XRP price could accelerate lower and retest the $0.578 support zone.
Technical Indicators
The MACD for XRP/USD on the 4-hour chart is gaining momentum in the bullish zone, while the RSI is above the 50 level, indicating strength in the market.
Source: XRPUSD on TradingView.com
Hot Take: XRP Could See a Significant Surge if Key Resistance is Broken
XRP has shown promising signs of a potential surge as it attempts to break above the $0.650 resistance zone. With a rising channel forming and the price trading above key moving averages, the bullish momentum seems to be building.
If XRP successfully clears the resistance levels at $0.650 and $0.655, it could pave the way for a strong rally towards $0.70 and beyond. However, failure to break above the resistance could result in a fresh decline towards support levels at $0.620 and potentially $0.578.
Traders should closely monitor these key levels and technical indicators, such as the MACD and RSI, to assess whether XRP’s surge is likely to continue or if a reversal is imminent.
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