XRP Price Regains Strength As The Bulls Aim For 10% Surge
December 25 2023 - 11:48PM
NEWSBTC
XRP price is moving higher from the $0.578 support. The price seems
to be setting up for a fresh surge toward the $0.680 and $0.700
levels. XRP is attempting a fresh increase from the $0.578 support
level. The price is now trading above $0.620 and the 100 simple
moving average (4 hours). There is a key rising channel forming
with resistance near $0.650 on the 4-hour chart of the XRP/USD pair
(data source from Kraken). The pair start a fresh rally if it
clears the $0.650 and $0.655 resistance levels. XRP Price Could
Surge To $0.70 After forming a base near the $0.578 zone, XRP price
started a decent increase. There was a move above the $0.595 and
$0.600 resistance levels. The price even cleared the $0.630
resistance. There was a spike above the 50% Fib retracement level
of the downward move from the $0.700 swing high to the $0.578 swing
low. The price is now up over 3%, outperforming Bitcoin and
Ethereum. It is now facing resistance near the $0.650 zone. There
is also a key rising channel forming with resistance near $0.650 on
the 4-hour chart of the XRP/USD pair. The channel resistance is
near the 61.8% Fib retracement level of the downward move from the
$0.700 swing high to the $0.578 swing low. The price is now trading
above $0.630 and the 100 simple moving average (4 hours). On the
upside, immediate resistance is near the $0.650 zone. The next
major resistance is near the $0.655 zone. A close above the $0.655
resistance zone could spark a strong increase. Source: XRPUSD on
TradingView.com The next key resistance is near $0.684. If the
bulls remain in action above the $0.684 resistance level, there
could be a rally toward the $0.700 resistance. Any more gains might
send the price toward the $0.720 resistance. Fresh Decline? If XRP
fails to clear the $0.650 resistance zone, it could start a fresh
decline. Initial support on the downside is near the $0.620 zone
and the channel trend line. The next major support is at $0.606. If
there is a downside break and a close below the $0.606 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 gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now
above the 50 level. Major Support Levels – $0.620, $0.606, and
$0.578. Major Resistance Levels – $0.650, $0.655, and $0.700.
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