The price of XRP has increased by over 15% and is moving above the support zone at $0.740. The price may accelerate if it clears the resistance zone at $0.8450.
- XRP price started a powerful rally above the resistance at $0.720.
- The price is currently above $0.750 and the 100-hour basic moving average.
- A key bullish trendline is forming on the hourly chart of the XRP/USD pair with support at $0.7400 (data source from Kraken).
- The pair could start another rally if it holds above the $0.7240 support zone.
The price of XRP is gaining strength
The XRP price remained above the USD 0.620 level. It formed a base and started a powerful rally above $0.7000. It has outperformed Bitcoin and Ethereum over the past two sessions, breaking above the $0.740 resistance.
Before the bears emerged, the price even rose above the $0.850 level. A high was formed at $0.8989 before a pullback occurred. The price fell below $0.820 and tested $0.720. The 61.8% Fib retracement level was tested for an up move from the low of $0.6700 to the high of $0.8989.
The price is currently above $0.750 and the 100-hour basic moving average. A key uptrend line is also forming on the hourly chart of the XRP/USD pair with support at $0.740. The trendline is near the 76.4% Fib retracement level, which represents an upward move from the low of $0.6700 to the high of $0.8989.
On the other hand, the price may face resistance near the USD 0.8450 level. The first major resistance is near the $0.8880 level. The next key resistance could be the $0.900 level. A clear move above the resistance at $0.900 could push the price towards the resistance at $0.9250.
Further increases may push the price towards the resistance level at USD 0.9550 or even USD 0.9620 in the near future. The next major hurdle could be the price of $0.9850.
Are dips constrained?
If XRP fails to break the resistance zone at $0.8450, a bearish correction may begin. Initial downside support is near the $0.80 level. The next critical support is near the USD 0.7550 level.
If there is a downside breakout and a close below the $0.7550 level, the price may continue to fall towards the $0.740 support in the near future. The next major support is located near the $0.7240 zone.
Technical indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 50 level.
Major support levels – USD 0.8000 and USD 0.7550.
Major resistance levels – USD 0.8450 and USD 0.8880.
