XRP Price Analysis: Fresh Rally If Bulls Clear This Resistance

• XRP price is attempting a fresh increase above the $0.60 support against the US dollar.
• The price is now trading above $0.60 and the 55 simple moving average (4 hours).
• There is a key bullish trend line forming with support at $0.6240 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase if it clears the $0.6565 resistance.

XRP price is consolidating above $0.60 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 month, XRP price gained pace and attempted to clear the $0.740 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.740 and started a downside correction.

There was a move below the $0.680 and $0.650 support levels. However, the bulls were active above the $0.5680 support. A low has formed near $0.5684 and the price is now attempting a fresh increase. There was a break above the 23.6% Fib retracement level of the downward wave from the $0.7460 swing high to the $0.5684 low.

XRP is now trading above $0.60 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support at $0.6240 on the 4-hour chart of the XRP/USD pair.

On the upside, the price is facing resistance near $0.6360. The first key resistance is near the $0.6565 level or the 50% Fib retracement level of the downward wave from the $0.7460 swing high to the $0.5684 low. The next major resistance is near the $0.6780 level.

A clear move above the $0.6780 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.700 zone and test $0.740. Any more gains might send the price toward the $0.780 resistance.

Initial support on the downside is near the $0.6240 level. The next major support is near the $0.600 level. Any more losses could lead the price toward the $0.5680 level, below which the price might even test the $0.5350 support zone in the near term.

XRP Price

Looking at the chart, XRP price is now trading above the $0.600 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.6565 resistance.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.

Key Support Levels – $0.6240, $0.600, and $0.5680.

Key Resistance Levels – $0.6360 and $0.6565.

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