XRP Price Prediction: Will Bulls Push It to $0.75?
XRP price has recently found support around the $0.5685 mark and has begun a fresh upward movement. If the bulls can successfully push the price above $0.6560, they could gain further momentum.
Currently, XRP is trading above $0.630 and the 100 simple moving average on the 4-hour chart. Additionally, a key bullish trend line is forming with support near $0.6440 on the same chart. These factors indicate the potential for a fresh rally if the $0.6560 resistance level is surpassed.
After experiencing a significant decline, XRP managed to find support near $0.5685, similar to Bitcoin and Ethereum. It then climbed above the $0.640 resistance zone, clearing the 23.6% Fibonacci retracement level of the downward wave from the $0.7442 swing high to the $0.5686 low.
The first major resistance level for XRP is around $0.700, followed by $0.7320 and $0.7440. Breaking these resistance levels could ignite a strong increase, with the possibility of reaching the $0.800 and $0.820 resistance levels.
However, if XRP fails to surpass the $0.6560 resistance, it may experience another downturn. The initial support level lies near $0.640, along with the bullish trend line. Further significant support can be found at $0.620, and a close below this level could lead to a potential retest of the $0.5685 support zone.
In terms of technical indicators, the 4-hour MACD for XRP/USD suggests a loss of pace in the bullish zone, while the RSI is above the 50 level.
To summarize, XRP has the potential for a fresh surge towards $0.75 if it manages to break above the $0.6560 resistance zone. However, a failure to do so could result in another decline towards the $0.5685 support zone. As always, it is important to conduct thorough research and consider the risks before making any investment decisions.