XRP price has shown a promising upward trend from the $0.578 support level, indicating the potential for a strong surge towards the $0.680 and $0.700 levels. The current trading position sees XRP above $0.620 and the 100 simple moving average (4 hours), illustrating a positive trajectory.
Moreover, a key rising channel is forming, with resistance near $0.650 on the 4-hour chart of the XRP/USD pair, based on data sourced from Kraken. This development signals a potential breakout if the pair clears the $0.650 and $0.655 resistance levels. If successful, this could trigger a fresh rally for XRP.
Following a base formation near the $0.578 zone, XRP’s price has been on an upward trajectory, surpassing important resistance levels such as $0.595 and $0.600, and most recently, $0.630. As it currently faces resistance near the $0.650 zone, it has already outperformed Bitcoin and Ethereum, and is up by over 3%.
Chart analysis also indicates that the price is now trading above $0.630 and the 100 simple moving average (4 hours), suggesting a bullish sentiment. Immediate resistance is near the $0.650 zone, and a close above the $0.655 resistance zone may pave the way for a robust surge.
If the bullish momentum continues, the next key resistance is near $0.684, with a potential rally towards the $0.700 resistance. Further gains could even propel the price towards the $0.720 resistance level.
However, failure to clear the $0.650 resistance zone may lead to a fresh decline, with initial support near the $0.620 zone and the channel trend line. The next major support rests at $0.606, and a downside break below this level could result in a retest of the $0.578 support zone.
In terms of technical indicators, the MACD for XRP/USD is exhibiting bullish momentum, while the RSI has surpassed the 50 level, indicating a favorable position for XRP.
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