XRP Attempts Fresh Increase from $0.600 Support Level
After experiencing a downside correction, the price of XRP has found support near the $0.600 zone. It has since formed a base and initiated a minor increase above the $0.612 level. However, these gains have been limited compared to Bitcoin and Ethereum.
The price of XRP has spiked above the 50% Fibonacci retracement level but has failed to close above the $0.650 resistance. It is currently consolidating below $0.640.
XRP is stable above $0.620 and the 100 simple moving average (4 hours). On the upside, there is immediate resistance near the $0.638 zone, with a key contracting triangle forming at around $0.6380 on the 4-hour chart of the XRP/USD pair.
The next major resistance lies near the $0.650 zone or the 61.8% Fibonacci retracement level. A close above this resistance could trigger a strong increase in price.
XRP Price Aims Higher
If XRP fails to clear the $0.638 resistance zone, it may experience a fresh decline. Initial support on the downside can be found near the $0.610 zone and the triangle trend line.
The next significant support level is at $0.600. Should there be a downside break and a close below this level, XRP price could drop further and retest the $0.550 support zone.
Technical indicators show that the MACD for XRP/USD is gaining pace in the bullish zone on the 4-hour chart, while the RSI is now above the 50 level.
Major support levels for XRP are at $0.610, $0.600, and $0.550, while major resistance levels are at $0.638, $0.650, and $0.700.
Hot Take: XRP Shows Potential for Upside Movement
XRP has made a significant move by finding support near the $0.600 zone and attempting a fresh increase. While the price has faced resistance at certain levels, it is currently stable above the $0.620 mark and the 100 simple moving average (4 hours).
With a key contracting triangle forming and the potential for a close above the $0.650 resistance zone, XRP could experience a strong rally towards higher resistance levels such as $0.672, $0.700, and even $0.720.
However, if XRP fails to clear the immediate resistance zone at $0.638, there is a possibility of a downside break with support levels at $0.610 and $0.600.
Overall, XRP is showing signs of bullish momentum with technical indicators supporting further upside movement in price.
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