- XRP price is attempting a recovery wave from the $0.590 zone against the US dollar.
- The price is now trading above $0.620 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support near $0.6150 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase above the $0.650 resistance.
XRP price is consolidating near $0.630 against the US Dollar, like Bitcoin. It must stay above the $0.612 support to start a fresh increase.
XRP Price Analysis
This past week, XRP price made another attempt to clear the $0.6385 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.6385 and started a downside correction.
There was a move below the $0.620 and $0.612 support levels. However, the bulls were active above the $0.590 support. A low has formed near $0.5940 and the price is now correcting losses. XRP is now trading above $0.612 and the 55 simple moving average (4 hours).
There was a move above the 61.8% Fib retracement level of the downward move from the $0.6385 swing high to the $0.5940 low. On the upside, the price is facing resistance near $0.628. It is also near the 76.4% Fib retracement level of the downward move from the $0.6385 swing high to the $0.5940 low.
The next major resistance is near the $0.650 level. The first major resistance is near the $0.655 zone. A clear move above the $0.655 resistance zone might start a strong increase.
In the stated case, the price could even surpass the $0.685 zone and test $0.700. Any more gains might send the price toward the $0.720 resistance.
Initial support on the downside is near the $0.615 level. There is also a key bullish trend line forming with support near $0.6150 on the 4-hour chart of the XRP/USD pair. The next major support is near the $0.600 level. Any more losses could lead the price toward the $0.588 level, below which the price might even test the $0.550 support zone in the near term.
Looking at the chart, XRP price is now trading above the $0.612 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.650 resistance.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.615, $0.600, and $0.588.
Key Resistance Levels – $0.6385 and $0.650.
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