XRP price is showing signs of a potential breakout as it moves higher from the $0.578 support level. The price seems to be setting up for a fresh surge toward the $0.680 and $0.700 resistance levels. After forming a base near the $0.578 zone, XRP price started a decent increase, demonstrating strength in the market.
Currently, XRP is attempting a fresh increase from the $0.578 support level, indicating bullish momentum. The price is now trading above $0.620 and the 100 simple moving average (4 hours), further supporting the possibility of a bullish move in the near term.
A key rising channel is forming with resistance near $0.650 on the 4-hour chart of the XRP/USD pair. This channel indicates a potential upward movement in price, as XRP tries to break through the resistance levels. Additionally, the channel resistance aligns with the 61.8% Fibonacci retracement level of the downward move from the $0.700 swing high to the $0.578 swing low.
On the upside, immediate resistance is near the $0.650 zone, followed by the $0.655 zone. A close above the $0.655 resistance zone could spark a strong increase in XRP price. The next significant resistance levels are near $0.684, $0.700, and $0.720, depending on the upward momentum.
If XRP fails to clear the $0.650 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.620 zone and the channel trend line. The next major support level is at $0.606. A downside break and close below the $0.606 level may lead to an acceleration of XRP price towards the $0.578 support zone.
Analyzing the technical indicators, the MACD for XRP/USD is now gaining pace in the bullish zone, suggesting increasing buying pressure. The RSI for XRP/USD is now above the 50 level, indicating bullish momentum as well.
XRP price is showing signs of strength and a potential breakout. The formation of a rising channel and trading above the 100 simple moving average (4 hours) are positive indicators for further upward movement. However, it is important to note that investing carries risks, and conducting thorough research is advised before making any investment decisions.
Disclaimer: This article is provided for educational purposes only and does not represent the opinions of the author or NewsBTC. Any investment decisions should be made after conducting one’s own research and with caution, as investing carries risks.
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