XRP Price Prediction: Momentum Reignites As Bulls Aim For $0.75
February 28 2024 - 11:00AM
NEWSBTC
XRP price is gaining pace above the $0.550 resistance. The bulls
seem to be aiming for a move above the $0.60 and $0.62 resistance
levels. XRP started a fresh increase above the $0.550 resistance
level. The price is now trading above $0.575 and the 100 simple
moving average (4 hours). There was a break above a major
contracting triangle with resistance at $0.560 on the 4-hour chart
of the XRP/USD pair (data source from Kraken). The pair could start
a fresh rally if there is a close above the $0.60 resistance zone.
XRP Price Restarts Increase In the past few days, XRP price
recovered higher from the $0.530 zone. There was a move above the
$0.545 and $0.550 resistance levels. However, the upside was less
compared to Bitcoin and Ethereum. There was a break above a major
contracting triangle with resistance at $0.560 on the 4-hour chart
of the XRP/USD pair. The pair traded as high as $0.5971, and it is
currently consolidating gains. It tested the 23.6% Fib retracement
level of the upward move from the $0.5290 swing low to the $0.5971
high. Ripple’s token price is now trading above $0.575 and the 100
simple moving average (4 hours). On the upside, immediate
resistance is near the $0.580 zone. The first key resistance is
near $0.600, above which the price could rise toward the $0.620
resistance. A close above the $0.620 resistance zone could spark a
strong increase. Source: XRPUSD on TradingView.com The next key
resistance is near $0.650. If the bulls remain in action above the
$0.650 resistance level, there could be a rally toward the $0.685
resistance. Any more gains might send the price toward the $0.70
resistance. Another Decline? If XRP fails to clear the $0.60
resistance zone, it could start another decline. Initial support on
the downside is near the $0.575 zone. The next major support is at
$0.5630 or the 50% Fib retracement level of the upward move from
the $0.5290 swing low to the $0.5971 high. If there is a downside
break and a close below the $0.5630 level, the price might
accelerate lower. In the stated case, the price could retest the
$0.5350 support zone. Technical Indicators 4-Hours MACD – The MACD
for XRP/USD is now losing pace in the bullish zone. 4-Hours RSI
(Relative Strength Index) – The RSI for XRP/USD is now above the 60
level. Major Support Levels – $0.575, $0.563, and $0.5350. Major
Resistance Levels – $0.5950, $0.600, and $0.620.
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