XRP Price Could Soon Surge: Can Bulls Fuel the Rally?

XRP

NewsBTCSep 23, 2024 5:26 AM

XRP price is attempting an upside break above $0.600. The price is showing positive signs, but a weekly close above $0.600 is needed for a fresh surge.

XRP price started another increase toward the $0.6050 zone.
The price is now trading above $0.5880 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $0.590 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5950 and $0.600 resistance levels.

XRP Price Could Gain Bullish Momentum

XRP price remained well-supported above $0.5750 and started a fresh increase like Bitcoin and Ethereum. The price was able to clear the $0.580 and $0.5880 resistance levels.

There was a break above a key bearish trend line with resistance at $0.590 on the hourly chart of the XRP/USD pair. The bulls were able to push the price toward the 50% Fib retracement level of the downward move from the $0.6123 swing high to the $0.5784 high at $0.5950.

The price is now trading above $0.5880 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5950 level.

The first major resistance is near the $0.600 level. The next key resistance could be $0.6050 or the 76.4% Fib retracement level of the downward move from the $0.6123 swing high to the $0.5784 high. A clear move above the $0.6050 resistance might send the price toward the $0.6120 resistance. Any more gains might send the price toward the $0.6280 resistance or even $0.6320 in the near term.

Another Rejection and Drop?

If XRP fails to clear the $0.600 resistance zone, it could start another decline. Initial support on the downside is near the $0.5880 level and the 100-hourly Simple Moving Average. The next major support is near the $0.580 level.

If there is a downside break and a close below the $0.580 level, the price might continue to decline toward the $0.5720 support in the near term. The next major support sits at $0.5650.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5880 and $0.5720.

Major Resistance Levels – $0.5950 and $0.6050.

Reviewed byTony

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