XRP’s price is on a gradual ascent, maintaining momentum above the $0.6320 support zone. After testing the $0.7450 level, it is now in a phase of correcting its gains.
In recent activity, XRP’s price overcame the $0.6320 resistance, climbing to trade above $0.6450 and the 100-hourly Simple Moving Average. Notably, a crucial bullish trend line is emerging, offering support at $0.6280 on the hourly chart of the XRP/USD pair. If the price holds above the $0.6160 support zone, it may stage another upward move.
Over the past sessions, XRP managed to establish a base above the $0.600 level and launched a fresh rally over the $0.6200 mark. This surge allowed XRP to outperform Bitcoin and Ethereum, breaching the $0.6320 resistance. The price soared past the $0.7320 level until bearish forces intervened. A peak was noted at $0.7488 before a pullback occurred, pushing the price below $0.7200 and testing the $0.700 level. This represented a 50% Fibonacci retracement from the $0.6419 swing low to the $0.7488 high.
Currently, XRP trades above $0.6320 and the 100-hourly Simple Moving Average, supported by a significant bullish trend line at $0.6280 on the hourly chart. On the upward trajectory, XRP could encounter resistance around $0.7220. The first major resistance stands at $0.7480, followed by a key resistance at $0.7550. If XRP clears this level, it could advance toward the $0.7780 resistance barrier. Further gains might propel it toward $0.7950 or even $0.800 in the near term, with $0.8220 being the subsequent major hurdle.
However, should XRP fail to surpass the $0.7220 resistance zone, another decline might ensue. Initial downside support lies around $0.6820, with the next significant support at $0.6670. This coincides with a 76.4% Fibonacci retracement of the upward movement from $0.6419 to $0.7488. A break below $0.6670 may trigger a continued decline toward the $0.6160 support. The following crucial support is near the $0.600 zone.
Technical indicators reveal the Hourly MACD for XRP/USD is losing momentum in the bullish zone, while the Hourly RSI remains above the 50 level. The major support levels to watch are $0.6820 and $0.6670, with significant resistance levels at $0.7220 and $0.7450.
