XRP price has been gradually trending upward, staying above the $0.6320 support region. Recently, the cryptocurrency tested the $0.7450 zone and is currently in a phase of correcting its gains. This increase lifted the price above the $0.6320 resistance level, and it is now trading above $0.6450 and maintains its position over the 100-hourly Simple Moving Average. A bullish trend line is forming with support at $0.6280 on the hourly chart of the XRP/USD pair.
XRP’s price has shown resilience by holding its ground above the $0.600 level, creating a base and beginning a new upward movement beyond $0.6200. In the past two trading sessions, XRP outperformed both Bitcoin and Ethereum, climbing above the critical $0.6320 resistance level. The bullish momentum allowed it to reach as high as $0.7488 before encountering selling pressure that led to a pullback. Subsequently, the price dipped below $0.7200 and found support near $0.700, aligning closely with the 50% Fibonacci retracement level of the rise from the $0.6419 swing low to the $0.7488 peak.
Currently, XRP is trading above the essential $0.6320 mark and above its 100-hourly Simple Moving Average. A significant bullish trend line provides support at the $0.6280 level on the hourly chart. Moving forward, the price could encounter initial resistance around $0.7220. The first substantial resistance level is close to $0.7480, followed by another at $0.7550. Surpassing the $0.7550 resistance could propel the price towards the $0.7780 resistance area, with potential further gains targeting the $0.7950 or even the $0.800 level in the near term. The subsequent major hurdle might be found at $0.8220.
Conversely, if XRP fails to overcome the $0.7220 resistance zone, it could trigger another decline. The first level of support on the downside appears near $0.6820, with the next major support at $0.6670, corresponding to the 76.4% Fibonacci retracement level from the $0.6419 swing low to the $0.7488 high. Should there be a downside break and sustained movement below the $0.6670 level, the price might continue its downward trend towards the $0.6160 support zone in the near term, with the next critical support area around the $0.600 level.
Technical indicators currently highlight that the hourly MACD for XRP/USD is losing momentum within the bullish zone, while the hourly RSI for XRP/USD stands above the 50 level, indicating continued positive sentiment. Major support levels to monitor include $0.6820 and $0.6670, with major resistance levels at $0.7220 and $0.7450.
