12 December 2023
XRP price is eyeing a fresh increase from the $0.600 support. The price could gain bullish momentum if it clears the $0.625 resistance zone.
XRP is slowly moving higher above the $0.612 level.
The price is now trading below $0.625 and the 100 simple moving average (4 hours).
There was a break below a key bullish trend line with support near $0.628 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair start a fresh rally if it clears the $0.625 and $0.628 resistance levels.
XRP Price Aims Fresh Increase
After a major increase, XRP faced sellers near the $0.700 zone. The bulls lost control and the price started a major decline below the $0.650 support, like Bitcoin and Ethereum.
There was a break below a key bullish trend line with support near $0.628 on the 4-hour chart of the XRP/USD pair. The pair even declined below the $0.612 support. A low was formed near $0.6010, and the price is now attempting a fresh increase.
There was a move above the $0.612 resistance. However, XRP is now trading below $0.625 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.625 zone. It is close to the 23.6% Fib retracement level of the downward move from the $0.7000 swing high to the $0.6010 swing low.
The first major resistance is near the $0.628 zone. A close above the $0.628 resistance zone could spark a steady increase. The next key resistance is near $0.650 or the 50% Fib retracement level of the main decline from the $0.720 swing high to the $0.5720 swing low.
Source: XRPUSD on TradingView.com
If the bulls remain in action above the $0.650 resistance level, there could be a rally toward the $0.700 resistance. Any more gains might send the price toward the $0.720 resistance.
Another Decline?
If XRP fails to clear the $0.625 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.612 zone.
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 $0.572 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $0.612, $0.600, and $0.572.
Major Resistance Levels – $0.625, $0.628, and $0.650.