XRP Price Surges Over 15% Above $0.740 Support Zone
XRP price increased over 15%, trading above the $0.740 support zone. A further rise may occur if it surpasses the $0.8450 resistance level.
- XRP began a strong ascent above the $0.720 resistance.
- Currently, it trades above $0.750 and the 100-hourly Simple Moving Average.
- A key bullish trend line is forming with support at $0.740 on the hourly chart of the XRP/USD pair (data from Kraken).
- The pair could continue to rise if it maintains above the $0.7240 support zone.
XRP Price Gains Strength
XRP has remained supported above $0.620, forming a base and increasing above $0.7000. It outperformed Bitcoin and Ethereum recently, moving past the $0.740 resistance.
The price reached above $0.850 before encountering selling pressure, peaking at $0.8989 before pulling back to below $0.820 and testing $0.720. This tested the 61.8% Fibonacci retracement level of the move from $0.6700 to $0.8989.
XRP now trades above $0.750 and the 100-hourly Simple Moving Average, with a bullish trend line forming near $0.740, close to the 76.4% Fibonacci retracement level of the same upward move.
On the upside, resistance is anticipated around $0.8450, with major resistance levels at $0.8880 and $0.900. A move above $0.900 could lead to a target of $0.9250.
Further gains may push the price toward $0.9550 or $0.9620 in the near term, with a significant hurdle at $0.9850.
Are Dips Limited?
If XRP does not break through the $0.8450 resistance, a downward correction may begin. Initial support is near $0.80, followed by major support at $0.7550.
A drop and close below $0.7550 could result in a decline toward the $0.740 support, with additional support at the $0.7240 level.
Technical Indicators
Hourly MACD: The MACD for XRP/USD is gaining momentum in the bullish zone.
Hourly RSI: The RSI for XRP/USD is above the 50 level.
Major Support Levels: $0.8000 and $0.7550.
Major Resistance Levels: $0.8450 and $0.8880.