XRP price Analysis: The Rise is gathering pace, What are the next levels?
XRP cut its losses after Bitcoin’s rise against the US dollar. The XRP price has gained 23% in the last 24 hours and is currently trading well above the resistance level of $ 0.5500. According to Aayush Jindal’s technical analysis:
- XRP launched a strong rise against the US dollar from the support zone of $ 0.4350.
- The price is currently trading well above $ 0.5200 and the 100 Simple Moving Average (4 hours).
- On the 4-hour chart of XRP/USD parity (according to Kraken data), there was a break above the critical channel of decline with resistance close to $ 0.5300.
- The pair are gaining momentum and it appears the Bulls are aiming to test the $ 0.6000 resistance zone.
XRP price gains bullish momentum
Yesterday the price of XRP fell badly below $ 0.4500, with the price falling as low as $ 0.4352. But then, he began a new increase. As with Bitcoin, Ethereum and XRP have seen a sharp rise.
Bulls took over the cryptocurrency market, and XRP rose above the resistance level of $ 0.5000. The upward movement caused the price to rise by more than 30%. During the increase, there was a break in the 4-hour chart of XRP/USD parity above the critical channel of decline with resistance around $ 0.5300.
The pair even surpassed the 50% Fib retreat level of the movement, which moved from $ 0.5945 to $ 0.4350. It even rose above the resistance zone of $ 0.5500.
It is currently trading near the $ 0.5700 resistance level and 100 Simple Moving Average (4 hours). It’s showing a lot of positive signals. Instant resistance is close to $ 0.5890. That’s close to the 61.8% Fib retreat from $ 0.5945 to $ 0.4350.
A close above the $ 0.5890 level could set the pace of a sustained upward movement towards the $ 0.6000 and $ 0.6120 levels in the near term.
Does XRP fall?
If XRP initiates a short-term downward correction, it may find support near the $ 0.5500 level. The first big boost is close to $ 0.5400, where the Bulls are likely to take a stand.
The main support is near the broken trend line, or $ 0.5200. More losses could reduce the current upward pressure.
4-hour MACD-MACD for XRP / USD is gaining momentum in the bullish zone.
4-hour RSI – relative strength index) – the RSI for XRP / USD is currently well above the 50 level.
Main support levels-us $ 0.5500, 0.5400 and 0.5200
Main resistance levels – $ 0.5800, $ 0.5890 and $ 0.6000