XRP Price Showing Signs of Strength as Bulls Target a 10% Surge
XRP price appears to be gaining momentum as it bounces off the $0.578 support. Traders are anticipating a potential rally towards the $0.680 and $0.700 levels.
The digital asset is making a new push from the $0.578 support level and has managed to rise above $0.620 and the 100 simple moving average (4 hours). On the 4-hour chart of the XRP/USD pair sourced from Kraken, a noteworthy rising channel is forming with resistance around $0.650.
For XRP to initiate a fresh rally, it needs to overcome the hurdles at $0.650 and $0.655.
After consolidating near the $0.578 zone, XRP price has started to climb steadily. It has surpassed the resistances at $0.595 and $0.600, even breaking the $0.630 level. Furthermore, the digital asset has surged over 3%, outperforming Bitcoin and Ethereum.
At present, the price is encountering resistance in the $0.650 region. Alongside this resistance lies a crucial rising channel on the 4-hour chart of the XRP/USD pair. This channel is close to the 61.8% Fibonacci retracement level from the swing high of $0.700 to the swing low of $0.578.
Currently, XRP is trading above $0.630 and the 100 simple moving average (4 hours). The immediate resistance lies around $0.650, followed by a more significant resistance zone at $0.655. If the price manages to breach this level, it could propel a strong upward movement.
The next key resistance comes in at around $0.684. A decisive breakthrough above this level could trigger a rally towards the major $0.700 resistance, potentially even surpassing it to target the $0.720 level.
However, if XRP fails to surpass the $0.650 resistance, it may experience a pullback. Support on the downside is initially found near $0.620 and the channel trend line. If these levels are breached, the next major support lies at $0.606. A close below the $0.606 level could accelerate a downward move, possibly retesting the $0.578 support zone.
When analyzing the technical indicators, the MACD for XRP/USD on the 4-hour chart is currently showing bullish momentum, while the RSI (Relative Strength Index) is above the 50 level.
In summary, XRP’s price is showing signs of strength as it attempts to break through crucial resistance levels. While a 10% surge is within reach, traders should be cautious of potential obstacles along the way. As always, investors are advised to conduct thorough research and exercise caution when making investment decisions.
Disclaimer: The article is for educational purposes only and should not be considered as financial advice. Trading involves risks, and individuals are recommended to conduct their own research before making any investment decisions.