The XRP/USD pair could start a fresh rally if it closes above the $0.60 resistance zone.
Ripple XRP is one of the leading cryptocurrencies. Although the currency does not compete for the title of the most decentralized, it actively collaborates with banks and international investment companies. According to experts, this factor may be key to Ripple’s success. Ripple is not just a cryptocurrency, but a global payments infrastructure that is potentially capable of replacing SWIFT.
XRP price started a downward correction from the $0.6700 resistance. The bulls are now active above $0.5400 and could aim for a fresh rise. XRP started a fresh rise above the $0.600 resistance level.
The price is now trading above $0.550 and the 100 simple moving average (4-hours). There was a break below a key ascending channel with support at $0.610 on the 4-hour chart of the XRP/USD pair (data feed from Kraken).
XRP Price Revisions Support
In the past few days, XRP price rose from the $0.550 zone. There was a move above the $0.580 and $0.600 resistance levels. However, the advantage was minor compared to Bitcoin and Ethereum. The price even rose above the $0.650 resistance before the bears appeared.
A new multi-week high formed near $0.6692 before the price fell. There was a strong bearish wave below the $0.620 support. There was a break below a key ascending channel with support at $0.610 on the 4-hour chart of the XRP/USD pair. The pair even fell below the $0.600 level. A low was formed near $0.530 and the price is now attempting a new rise.
There was a move above the $0.560 level and the 23.6% Fibonacci retracement level of the downward move from the high of $0.6692 to the low of $0.530. The Ripple token price is now trading above $0.550 and the 100 simple moving average (4-hours).
On the upside, immediate resistance is near the $0.600 zone or the 50% Fibonacci retracement level of the downward move from the high of $0.6692 to the low of $0.530. The first key resistance is near $0.6240, above which the price could rise towards the resistance of $0.650. A close above the $0.650 resistance zone could lead to a sharp rise.
The next key resistance is near $0.680. If the bulls remain in action above the $0.680 resistance level, there could be a rally towards the $0.7050 resistance. Any further gains could send the price towards the $0.7320 resistance.
Another Decline?
If XRP fails to break above the $0.60 resistance zone, it could start another decline. Initial support on the downside is near the $0.562 area. The next major support is at $0.540 and a connecting uptrend line. If there is a break down and a close below the $0.540 level, the price could accelerate lower. In the given case, the price could retest the $0.5120 support zone.
4-Hour MACD Technical Indicators: The MACD for XRP/USD is now losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Main support levels: $0.5620, $0.540 and $0.5120.
Main resistance levels: $0.600, $0.6240 and $0.650.
By Leonardo Perez
