XRP Price Surges Over 10%, Trading Above $0.625 Support Zone
XRP price increased over 10%, moving above the $0.620 support zone. It tested the $0.740 zone and is currently correcting gains.
- XRP price began a notable rise above the $0.620 resistance.
- The price trades above $0.6250 and the 100-hourly Simple Moving Average.
- A key bullish trend line forms with support at $0.6180 on the hourly chart of the XRP/USD pair (data from Kraken).
- The pair may initiate another rise if it remains above the $0.6200 support zone.
XRP Price Eyes More Upsides
XRP price maintained support above $0.5850, creating a base for an increase above $0.6000. It outperformed Bitcoin and Ethereum recently, moving above the $0.650 resistance.
The price reached above $0.70 before facing selling pressure, peaking at $0.740 before pulling back to test levels below $0.7200 and around $0.700. It approached the 50% Fib retracement level of the move from the $0.6063 swing low to the $0.7400 high.
Currently, the price trades above $0.6250 and the 100-hourly Simple Moving Average, supported by a bullish trend line near the 76.4% Fib retracement level of the recent upward movement.
Resistance may arise around the $0.700 level, with major resistance at $0.7080 and subsequent resistance at $0.7250. A clear break above $0.7250 could lead to a rise towards the $0.740 resistance.
Further gains may push the price toward the $0.7550 resistance or even $0.7650 soon, with a major hurdle at $0.780.
Another Drop?
If XRP cannot surpass the $0.7080 resistance, a decline may occur. Initial downside support is near $0.6750, with significant support at $0.6250 and the trend line.
A drop below $0.6250 could lead to further declines toward the $0.6050 support, with additional major support around the $0.600 zone.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is losing momentum in the bullish zone.
Hourly RSI: The RSI for XRP/USD is above the 50 level.
Major Support Levels: $0.6750 and $0.6250.
Major Resistance Levels: $0.7080 and $0.7250.