XRP price is up more than 10% and is moving higher above the $0.620 support area. The price tested the $0.740 area and is currently correcting its gains.
- XRP price has started to rise well above the $0.620 resistance level.
- The price is now trading above $0.6250 and the 100 hourly simple moving average.
- There is a major uptrend line forming with support at $0.6180 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it remains above the $0.6200 support area.
XRP price looks forward to more positives
XRP price remained supported above the $0.5850 level. It formed a base and started a new increase above $0.6000. It has outperformed Bitcoin and Ethereum in the past two sessions, with a move above the $0.650 resistance level.
The price even rose above the $0.70 level before the bears appeared. A high was formed at $0.740 before there was a pullback. It fell below $0.7200 and tested $0.700. The price traded towards the 50% Fib retracement level of the upward move from the swing low of $0.6063 to the swing high of $0.7400.
The price is now trading above $0.6250 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support at $0.6180 on the hourly chart of the XRP/USD pair. The trend line is close to the 76.4% Fibonacci retracement level of the upward move from the swing low of $0.6063 to the swing high of $0.7400.
On the upside, the price may face resistance near the $0.700 level. The first major resistance is located near the $0.7080 level. The next major resistance could be $0.7250. A clear move above the $0.7250 resistance could send the price towards the $0.740 resistance.
Any further gains may push the price towards the $0.7550 resistance level or even $0.7650 in the near term. The next major hurdle could be $0.780.
Another drop?
If XRP fails to cross the $0.7080 resistance area, it could start another decline. Initial support on the downside is located near the $0.6750 level. The next major support is near the $0.6250 level and the trend line.
If there is a downside breakout and close below the $0.6250 level, the price may continue to fall towards the $0.6050 support level in the near term. The next major support is near the $0.600 area.
Technical indicators
Hourly MACD – The MACD for XRP/USD is now losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key Support Levels – $0.6750 and $0.6250.
Key resistance levels – $0.7080 and $0.7250.