The “Ripple” price is aiming for a new rise above the $0.630 resistance level. If the price breaks through the $0.630 and $0.640 resistance levels, it may acquire bullish momentum.

  • XRP is gradually rising from the $0.600 support level.
  • The price is now trading below $0.630 and the four-hour simple moving average.
  • On the 4-hour chart of the XRP/USD pair, there was a break over a key negative trend line with resistance above $0.610 (data source: Kraken).
  • If the pair breaks through the $0.630 and $0.640 resistance levels, it will begin a new surge.

“Ripple” Price Aims for a New Surge

Following a significant dip, XRP found support near the $0.580 level. A low was set near $0.5781, and the price began to rise steadily. There was a move above the $0.600 resistance; however, XRP lagged behind Bitcoin and Ethereum in terms of velocity.

A break over the 23.6% Fib retracement level of the crucial drop from the $0.700 swing high to the $0.578 swing low occurred. Furthermore, the XRP/USD pair broke above a significant negative trend line with resistance above $0.610 on the 4-hour chart.

The price is now trading below $0.630 and the four-hour simple moving average. On the upside, immediate resistance is located near $0.630. It is close to the 50% Fib retracement level of the significant loss from the $0.700 swing high to the $0.578 swing low.

See also  Cautionary Note: SEC Chair Highlights AI's Potential Role in Future Financial Crises

The first big resistance is located near $0.640. A close above the $0.640 resistance zone could trigger a significant surge. The next significant resistance is near $0.672.

If the bulls maintain their position above the $0.672 resistance level, a rally toward the $0.700 level is possible. Any further advances could push the price up to the $0.720 barrier level.

Another Drop?

If XRP fails to break over the $0.630 resistance level, it may begin a new drop. On the downside, initial support is approaching $0.606 per share.

The next significant support level is at $0.600. If the price of XRP breaks down and closes below $0.600, it may accelerate lower. In the aforementioned scenario, the price could retest the $0.578 support zone.

Related News

Share.

Leave a Reply