7 November 2023
XRP price rallied over 20% and climbed above $0.70 against the US Dollar. The price is correcting gains but the bulls might again be active near $0.650.
XRP started a strong increase above the $0.680 resistance.
The price is now trading above $0.685 and the 100 simple moving average (4 hours).
There is a major bullish trend line forming with support near $0.6580 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might correct further lower, but the bulls could remain active near $0.6500.
XRP Price Starts Fresh Rally
After starting a decent increase from the $0.532 zone, XRP gained bullish momentum. There was a strong move above the $0.580 and $0.585 resistance levels. It even outperformed Bitcoin and Ethereum.
The bulls even pumped above the $0.650 resistance zone. Finally, a new multi-week high was formed near $0.7329 and the price recently started a downside correction. There was a move below the $0.620 level. The price even declined below the 23.6% Fib retracement level of the upward move from the $0.5866 swing low to the $0.7329 high.
XRP is now trading above $0.665 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.6580 on the 4-hour chart of the XRP/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $0.5866 swing low to the $0.7329 high.
On the upside, immediate resistance is near the $0.695 level. The first major resistance is $0.700. A close above the $0.700 level could send the price toward the $0.728 resistance.
Source: XRPUSD on TradingView.com
If the bulls remain in action above the $0.728 resistance level, there could be a rally toward the $0.750 resistance. Any more gains might send XRP toward the $0.785 resistance.
Are Dips Limited?
If XRP fails to clear the $0.700 resistance zone, it could continue to move down. Initial support on the downside is near the $0.660 zone and the trend line.
The next major support is at $0.650. If there is a downside break and a close below the $0.650 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.620 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 50 level.
Major Support Levels – $0.660, $0.650, and $0.620.
Major Resistance Levels – $0.700, $0.728, and $0.750.