The price of XRP has risen above the $0.4540 support level and could continue to rally if it surpasses the $0.600 resistance.

  • However, it currently trades below $0.5950 and the 100 simple moving average (4 hours).
  • On the 4-hour chart of the XRP/USD pair from Kraken, there is a significant bearish trend line forming with resistance near $0.6080.
  • To begin a fresh rally, the pair must clear the $0.600 and $0.608 resistance levels.

The price of XRP is currently facing some obstacles.

Over the past week, the price of XRP experienced a significant drop below the $0.550 level. It fell below the $0.500 support and even went as low as $0.480. However, it has since started to rise again, along with Bitcoin and Ethereum.

The price managed to climb above the $0.500 and $0.520 resistance levels. Although the bears cleared the 61.8% fibre retracement level of the main drop from the $0.640 swing high to the $0.454 swing low, the price is still below $0.5950 and the 100 simple moving average (4 hours).

Regarding potential upward movements, the immediate resistance is near the $0.595 zone, or the 76.4% fibre retracement level of the main drop from the $0.640 swing high to the $0.454 swing low.

The first key resistance is around $0.600 and $0.608. Additionally, there is a critical bearish trend line forming with resistance near $0.6080 on the 4-hour chart of the XRP/USD pair.

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If the price manages to close above the $0.6080 resistance zone, it could lead to a strong increase. The next key resistance level is near $0.640. If the bulls continue to dominate above the $0.640 resistance level, it could trigger a rally towards the $0.670 resistance. Any further gains could send the price towards the $0.700 resistance.

Another drop

If XRP fails to break above the resistance zone of $0.608, it may begin a new downward trend. The initial support on the downside is expected near the zone of $0.550. The next major support for the currency is at $0.520.

If there is a downward break and the price closes below the $0.520 level, the XRP price might decrease at a faster pace. In such a situation, the price could retest the support zone of $0.500.

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