XRP Price Could Rally If It Clears This Hurdle – $0.75 Next?
January 03 2024 - 1:38AM
NEWSBTC
XRP price is consolidating above the $0.600 support. The price
could start a fresh rally if there is a daily close above the
$0.650 resistance. XRP is attempting a fresh increase from the
$0.600 support level. The price is now trading above $0.620 and the
100 simple moving average (4 hours). There is a key contracting
triangle forming with resistance near $0.6380 on the 4-hour chart
of the XRP/USD pair (data source from Kraken). The pair start a
fresh rally if it clears the $0.638 and $0.650 resistance levels.
XRP Price Aims Higher After a downside correction, XRP price found
support near the $0.600 zone. The price formed a base and started a
minor increase above the $0.612 level, but upsides were limited and
less compared to Bitcoin and Ethereum. The price spiked a few times
above the 50% Fib retracement level of the key decline from the
$0.700 swing high to the $0.578 swing low. However, the bears
protected a close above the $0.650 resistance. It is now
consolidating below $0.640. XRP is stable above $0.620 and the 100
simple moving average (4 hours). On the upside, immediate
resistance is near the $0.638 zone. There is also a key contracting
triangle forming with resistance near $0.6380 on the 4-hour chart
of the XRP/USD pair. The next major resistance is near the $0.650
zone or the 61.8% Fib retracement level of the key decline from the
$0.700 swing high to the $0.578 swing low. A close above the $0.650
resistance zone could spark a strong increase. Source: XRPUSD on
TradingView.com 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. Downside Break? If XRP
fails to clear the $0.638 resistance zone, it could start a fresh
decline. Initial support on the downside is near the $0.610 zone
and the triangle trend line. 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 $0.550 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 – $0.610, $0.600,
and $0.550. Major Resistance Levels – $0.638, $0.650, and $0.700.
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