XRP price is gaining momentum above the $0.6320 resistance zone. The price is up over 6%, outperforming Bitcoin, and could rise further towards $0.6750.

• XRP price is gaining momentum above the $0.6320 zone.
• The price is currently holding above $0.640 and the 100-hour elementary moving average.
• The hourly chart of the XRP/USD pair shows a key uptrend line with support at $0.640 (data source: Kraken).
• The pair could continue to rally if it breaks through the resistance zone at USD 0.6580.

XRP price increases by over 6%

XRP price formed a base above the $0.60 zone and started a novel uptrend. It broke above the $0.6120 and $0.6150 resistance levels to move into the positive zone. The price is up more than 6%, outperforming Bitcoin and Ethereum, and could be looking for further gains.

A high formed at $0.6582 and price is now consolidating gains. It is above the 23.6% Fibonacci retracement level of the upside from the $0.6113 swing low to the $0.6582 high.

The price is now trading above $0.640 and the 100-hour elementary moving average. There is also a key bullish trendline forming with support at $0.640 on the hourly chart of the XRP/USD pair. If a novel rally occurs, the price could face resistance near the $0.6580 level.

The first major resistance is near the $0.6650 level. The next key resistance could be $0.6720. A clear move above the $0.6720 resistance could send the price towards the $0.6850 resistance.

The next major resistance is near the $0.6940 level. Any further gains could take the price towards the $0.700 resistance or even $0.720 in the near future.

Are DIPs supported?

If XRP fails to break through the $0.6580 resistance zone, it could begin a downward correction. Initial support on the downside is near the $0.6450 level. The next major support is at $0.640 or the trendline.

If a downside breakout occurs and a close below $0.640, the price could continue to decline towards the $0.6350 support in the near future. The next major support is found at $0.6220 or the 76.4% retracement level of the upside from the $0.6113 swing low to the $0.6582 high.

Technical indicators

Hourly MACD – The MACD for the XRP/USD pair is currently gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for the XRP/USD pair is currently above the 50 level.

Major support levels – USD 0.6400 and USD 0.6350.

Major resistance levels – USD 0.6580 and USD 0.6720.