XRP Price Analysis: Bulls Aim For Surge To $0.70
XRP price is attempting a fresh increase from the $0.590 support against the US dollar.
The price is now trading above $0.620 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support at $0.620 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase above the $0.6500 resistance.
XRP price is gaining pace above $0.620 against the US Dollar, like Bitcoin. It must stay above the $0.600 support to continue higher in the near term.
XRP Price Analysis
This past week, XRP price gained pace and attempted to clear the $0.650 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.650 and started a downside correction.
There was a move below the $0.6320 and $0.620 support levels. However, the bulls were active above the $0.590 support. A low has formed near $0.5901 and the price is now attempting a fresh increase. XRP is now trading above $0.620 and the 55 simple moving average (4 hours).
There was a move above the 50% Fib retracement level of the downward move from the $0.6512 swing high to the $0.5901 low. On the upside, the price is facing resistance near $0.638.
The 76.4% Fib retracement level of the downward move from the $0.6512 swing high to the $0.5901 low is also near $0.638. The next major resistance is near the $0.650 level. The first major resistance is near the $0.680 zone. A clear move above the $0.680 resistance zone might start a strong increase.
In the stated case, the price could even surpass the $0.700 zone and test $0.720. Any more gains might send the price toward the $0.750 resistance.
Initial support on the downside is near the $0.620 level. There is also a key bullish trend line forming with support at $0.620 on the 4-hour chart of the XRP/USD pair. The next major support is near the $0.600 level. Any more losses could lead the price toward the $0.590 level, below which the price might even test the $0.5650 support zone in the near term.
Looking at the chart, XRP price is now trading above the $0.620 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.650 resistance.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.620, $0.600, and $0.590.
Key Resistance Levels – $0.6380 and $0.650.
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Filed under: Bitcoin - @ March 4, 2024 3:28 am