XRP Price Could Be Soon The Next One To Rally – Here’s Why
December 21 2023 - 11:48PM
NEWSBTC
XRP price is eyeing a fresh rally above the $0.630 resistance. The
price could gain bullish momentum if it clears the $0.630 and
$0.640 resistance levels. XRP is slowly moving higher from the
$0.600 support level. The price is now trading below $0.630 and the
100 simple moving average (4 hours). There was a break above a
major bearish trend line with resistance near $0.610 on the 4-hour
chart of the XRP/USD pair (data source from Kraken). The pair start
a fresh rally if it clears the $0.630 and $0.640 resistance levels.
XRP Price Aims Fresh Surge After a major decline, XRP found support
near the $0.580 zone. A low was formed near $0.5781, and the price
started a steady increase. There was a move above the $0.600
resistance, but XRP lagged momentum compared to Bitcoin and
Ethereum. There was a break above the 23.6% Fib retracement level
of the key drop from the $0.700 swing high to the $0.578 swing low.
Besides, there was a break above a major bearish trend line with
resistance near $0.610 on the 4-hour chart of the XRP/USD pair. The
price is now trading below $0.630 and the 100 simple moving average
(4 hours). On the upside, immediate resistance is near the $0.630
zone. It is close to the 50% Fib retracement level of the key drop
from the $0.700 swing high to the $0.578 swing low. Source: XRPUSD
on TradingView.com The first major resistance is near the $0.640
zone. A close above the $0.640 resistance zone could spark a strong
increase. The next key resistance is near $0.672. If the bulls
remain in action above the $0.672 resistance level, there could be
a rally toward the $0.700 resistance. Any more gains might send the
price toward the $0.720 resistance. Another Decline? If XRP fails
to clear the $0.630 resistance zone, it could start a fresh
decline. Initial support on the downside is near the $0.606 zone.
The next major support is at $0.600. If there is a downside break
and a close below the $0.600 level, XRP price might accelerate
lower. In the stated case, the price could retest the $0.578
support zone. Technical Indicators 4-Hours MACD – The MACD for
XRP/USD is now losing pace in the bearish zone. 4-Hours RSI
(Relative Strength Index) – The RSI for XRP/USD is now above the 50
level. Major Support Levels – $0.606, $0.600, and $0.578. Major
Resistance Levels – $0.630, $0.640, and $0.672.
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