In recent trading sessions, XRP has demonstrated a significant upward trajectory, gaining over 10% and surpassing the crucial $0.620 support zone. The cryptocurrency briefly tested the $0.740 mark, but is currently undergoing a correction phase.
- XRP initiated a commendable rise, breaking through the $0.620 resistance barrier.
- The cryptocurrency is now positioned above the $0.6250 threshold and the 100-hourly Simple Moving Average.
- Notably, a pivotal bullish trend line is emerging, offering support around $0.6180 on the hourly chart for the XRP/USD pair (data sourced from Kraken).
- The pair has the potential to experience further gains if it maintains its position above the $0.6200 support zone.
Potential Upside Movements for XRP
XRP’s price found stability above the $0.5850 mark, forming a robust foundation that led to a new surge past the $0.6000 level. In recent sessions, XRP has outperformed both Bitcoin and Ethereum, climbing beyond the $0.650 resistance level. The price even briefly exceeded $0.70 before encountering resistance. A peak was recorded at $0.740, followed by a pullback that saw the price retreat below $0.7200 and test the waters at $0.700.
The recent activity also brought the price into proximity with the 50% Fibonacci retracement level of the ascent from the $0.6063 low to the $0.7400 high. Presently, XRP is trading above $0.6250, comfortably above the 100-hourly Simple Moving Average. The bullish trend line, which provides crucial support at $0.6180 on the hourly XRP/USD chart, aligns closely with the 76.4% Fibonacci retracement level of the previous upward movement.
Resistance Levels and Future Projections
On the upward front, XRP might face resistance around the $0.700 level, with the initial major resistance positioned near $0.7080. The subsequent key resistance is likely to be $0.7250. Breaking past the $0.7250 barrier could propel XRP towards the formidable $0.740 resistance. Should the bullish momentum persist, the price might advance further, targeting the $0.7550 resistance or even reaching $0.7650 in the short term. The next significant challenge could emerge around the $0.780 mark.
Possibility of a Downturn?
However, if XRP struggles to surpass the $0.7080 resistance zone, it might face a potential decline. The initial support on the downside stands near $0.6750, with the next substantial support positioned at $0.6250 alongside the trend line. A breach below the $0.6250 level may trigger a further downward movement towards the $0.6050 support in the short run. The subsequent critical support level is located around the $0.600 zone.
Technical Indicators
- Hourly MACD: The MACD for XRP/USD is currently decelerating within the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for XRP/USD is presently above the 50 mark.
- Major Support Levels: $0.6750 and $0.6250.
- Major Resistance Levels: $0.7080 and $0.7250.
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