Wednesday, April 17, 2024

XRP Price Could Be Soon The Next One To Rally – Here’s Why

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XRP price is eyeing a fresh rally above the $0.630 resistance. The price could gain bullish momentum if it clears the $0.630 and $0.640 resistance levels.

  • XRP is slowly moving higher from the $0.600 support level.
  • The price is now trading below $0.630 and the 100 simple moving average (4 hours).
  • There was a break above a major bearish trend line with resistance near $0.610 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair start a fresh rally if it clears the $0.630 and $0.640 resistance levels.

XRP Price Aims Fresh Surge

After a major decline, XRP found support near the $0.580 zone. A low was formed near $0.5781, and the price started a steady increase. There was a move above the $0.600 resistance, but XRP lagged momentum compared to Bitcoin and Ethereum.

There was a break above the 23.6% Fib retracement level of the key drop from the $0.700 swing high to the $0.578 swing low. Besides, there was a break above a major bearish trend line with resistance near $0.610 on the 4-hour chart of the XRP/USD pair.

The price is now trading below $0.630 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.630 zone. It is close to the 50% Fib retracement level of the key drop from the $0.700 swing high to the $0.578 swing low.

XRP Price

Source: XRPUSD on TradingView.com

The first major resistance is near the $0.640 zone. A close above the $0.640 resistance zone could spark a strong increase. The next key resistance is near $0.672. If the bulls remain in action above the $0.672 resistance level, there could be a rally toward the $0.700 resistance. Any more gains might send the price toward the $0.720 resistance.

Another Decline?

If XRP fails to clear the $0.630 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.606 zone.

The next major support is at $0.600. If there is a downside break and a close below the $0.600 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.578 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

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

Major Support Levels – $0.606, $0.600, and $0.578.

Major Resistance Levels – $0.630, $0.640, and $0.672.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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