XRP Price Gains Steadily with Swings: Can It Maintain Momentum?
XRP price is slowly moving higher above the $0.6320 support zone. The price tested the $0.7450 zone and is currently correcting gains.
- XRP price started a decent increase above the $0.6320 resistance.
- The price is now trading above $0.6450 and the 100-hourly Simple Moving Average.
- There is a key bullish trend line forming with support at $0.6280 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above the $0.6160 support zone.
XRP Price Eyes More Upsides
XRP price remained supported above the $0.600 level. It formed a base and started a fresh increase above $0.6200. It outperformed Bitcoin and Ethereum in the past two sessions, with a move above the $0.6320 resistance.
The price even climbed above the $0.7320 level before the bears appeared. A high was formed at $0.7488 before there was a pullback. The price dipped below $0.7200 and tested $0.700. It tested the 50% Fib retracement level of the upward move from the $0.6419 swing low to the $0.7488 high.
The price is now trading above $0.6320 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.6280 on the hourly chart of the XRP/USD pair.
On the upside, the price might face resistance near the $0.7220 level. The first major resistance is near the $0.7480 level. The next key resistance could be $0.7550. A clear move above the $0.7550 resistance might send the price toward the $0.7780 resistance.
Any more gains might send the price toward the $0.7950 resistance or even $0.800 in the near term. The next major hurdle might be $0.8220.
Another Drop?
If XRP fails to clear the $0.7220 resistance zone, it could start another decline. Initial support on the downside is near the $0.6820 level. The next major support is near the $0.6670 level and the 76.4% Fib retracement level of the upward move from the $0.6419 swing low to the $0.7488 high.
If there is a downside break and a close below the $0.6670 level, the price might continue to decline toward the $0.6160 support in the near term. The next major support sits near the $0.600 zone.
Technical Indicators
Hourly MACD The MACD for XRP/USD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) The RSI for XRP/USD is now above the 50 level.
Major Support Levels $0.6820 and $0.6670.
Major Resistance Levels $0.7220 and $0.7450.
Source: NewsBTC.com
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