XRP price has found support at the $0.578 level and is now primed for a bullish surge towards the $0.680 and $0.700 levels. The digital asset is currently trading above $0.620 and the 100 simple moving average (4 hours), indicating positive momentum in the market. A key rising channel is forming with resistance near $0.650 on the 4-hour chart of the XRP/USD pair, further supporting the case for an upward move.
After consolidating near the $0.578 zone, XRP price witnessed a solid recovery. It broke above resistance levels at $0.595 and $0.600, followed by a successful clearing of the $0.630 resistance. As a result, the price surged over 3%, outperforming Bitcoin and Ethereum. There was even a spike above the 50% Fib retracement level, indicating a potential bullish trend reversal. The price is currently trading above $0.630 and the 100 simple moving average (4 hours), further adding to the positive sentiment.
The $0.650 zone is currently acting as a key resistance for XRP price. A crucial rising channel is forming with resistance near this level on the 4-hour chart. Additionally, the channel resistance aligns with the 61.8% Fib retracement level, further strengthening the resistance. However, if the price manages to surpass the $0.650 resistance, it could trigger a strong upward move. The next major resistance levels to watch out for are $0.655 and $0.684. A breakthrough above $0.684 could pave the way for a rally towards the $0.700 resistance. Further gains might even push the price towards $0.720.
On the downside, immediate support is seen near the $0.620 zone and the channel trend line. A breach of this support could lead to a decline towards the next major support level at $0.606. If the price breaks below $0.606 and closes below this level, XRP price might accelerate further downwards. In such a scenario, the $0.578 support zone could come into play, potentially testing the lower boundaries of the recent recovery.
The 4-hour MACD for XRP/USD is steadily gaining momentum in the bullish zone, indicating a favorable outlook for the cryptocurrency. Additionally, the 4-hour RSI (Relative Strength Index) is above the 50 level, signifying a positive trend reversal. These technical indicators further support the notion of a potential surge in XRP price.
XRP price is showing signs of a potential breakthrough, as it continues to gain momentum after finding support at $0.578. With the price trading above key resistance levels and technical indicators pointing towards a bullish trend, XRP has the potential to surge towards the $0.680 and $0.700 levels. However, investors should conduct their own research and exercise caution before making any investment decisions, as the cryptocurrency market carries inherent risks.
Disclaimer: This article is for educational purposes only and does not represent the opinions of NewsBTC. Any investment decisions should be made after conducting thorough research and understanding the risks involved.