3 January 2024
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.