XRP, the prominent cryptocurrency, has experienced a significant surge, rising over 10% and solidifying its position above the $0.620 support zone. This impressive movement saw XRP testing the $0.740 level, with current trends indicating a correction in gains.
Following a solid breakout above the $0.620 resistance, XRP is now trading comfortably above $0.6250 and maintaining its position above the 100-hourly Simple Moving Average. An emerging bullish trend line is also forming, showing support at $0.6180 on the hourly chart for the XRP/USD pair.
The momentum suggests that if XRP holds above the $0.6200 support zone, it could witness another upward thrust. The cryptocurrency has remained resilient above the $0.5850 mark, forming a base and initiating a rise past the $0.6000 threshold. In recent trading sessions, XRP has outperformed both Bitcoin and Ethereum, surpassing the $0.650 resistance level.
The surge extended above $0.70 before market bears initiated a pushback, forming a peak at $0.740. This resistance triggered a pullback, with XRP dipping below $0.7200 and testing the $0.700 level, closely aligning with the 50% Fib retracement from the $0.6063 swing low to the $0.7400 high.
Currently, XRP is trading above $0.6250 and the 100-hourly SMA, bolstered by a crucial bullish trend line at $0.6180, aligning with the 76.4% Fib retracement level of its prior upward movement. However, the price may encounter resistance around the $0.700 threshold, with immediate resistance at $0.7080 and subsequent resistance at $0.7250. Successfully crossing above $0.7250 could propel XRP toward the $0.740 mark and potentially further to $0.7550 or $0.7650 in the near term. The next significant challenge may be around $0.780.
Conversely, if XRP struggles to surpass the $0.7080 resistance, another dip could ensue. Initial support on this downward trajectory lies near the $0.6750 level, with substantial backing around $0.6250 and the trend line. A breach below $0.6250 could lead to a decline towards the $0.6050 support with further implications extending to the $0.600 zone.
Technical indicators reflect a waning bullish momentum, with the hourly MACD for XRP/USD displaying reduced pace and the hourly RSI standing above the 50 mark. Key support levels are identified at $0.6750 and $0.6250, while resistance levels are noted at $0.7080 and $0.7250.
