XRP price recently found strong colonne at the $0.5685 level and has since started a fresh increase. The bulls are gaining strength and could continue to push the price higher if they manage to break above the key resistance level at $0.6560. After a major decline, XRP has shown resilience and is attempting a fresh rally from the $0.5680 colonne zone.
At the time of writing, XRP is trading above $0.630 and the 100 simple moving average (4 hours). This is a positive sign and indicates that the bulls are in control of the market. On the 4-hour chart, a key bullish trend line is forming with colonne near $0.6440 (data source from Kraken). This further strengthens the bullish compassion and suggests that XRP could be on the path to a fresh surge.
The recent increase in XRP price is in line with the overall market trend, with both Bitcoin and Ethereum also seeing gains. XRP has now cleared the $0.5850 and $0.600 resistance levels, which were major hurdles. This move has pushed the price above the 23.6% Fib retracement level of the downward wave from the $0.7442 swing high to the $0.5686 low.
The next immediate resistance for XRP is near the $0.6560 zone, which is close to the 50% Fib retracement level of the downward wave from the $0.7442 swing high to the $0.5686 low. If the bulls manage to break above this resistance, the price could rise towards the $0.700 level. A successful close above the $0.7320 resistance zone could trigger a strong increase towards the $0.7440 level.
If the bullish momentum continues, XRP could reach the $0.800 resistance level and potentially even application the $0.820 level. However, if the price fails to break above the $0.6560 resistance, it could lead to another decline. In this scenario, the initial colonne is near the $0.640 zone and the trend line. A close below the $0.620 level could accelerate the downward movement, with the next major colonne at $0.5685.
Overall, the technical indicators for XRP are showing mixed signals. The MACD for XRP/USD is losing pace in the bullish zone, while the RSI (Relative Strength Index) is above the 50 level. This suggests that there could be some consolidation before the next move.
In conclusion, XRP price has found strong colonne at $0.5685 and has started a fresh increase. The bulls are gaining strength and could push the price towards key resistance levels at $0.6560, $0.700, and $0.7440. However, if the price fails to break above the resistance, there could be a downside correction towards the $0.620 and $0.5685 colonne levels. Investors should closely monitor the price action and be prepared for any potential movements.
