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XRP Price Rockets Upward: Bulls Poised for More Gains

Source Newsbtc

XRP price is up over 15% and moving higher above the $0.740 support zone. The price could accelerate higher if it clears the $0.8450 resistance zone.

XRP price started a strong increase above the $0.720 resistance.
The price is now trading above $0.750 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $0.7400 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start another increase if it stays above the $0.7240 support zone.

XRP Price Gains Strength

XRP price remained supported above the $0.620 level. It formed a base and started a strong increase above $0.7000. It outperformed Bitcoin and Ethereum in the past two sessions, with a move above the $0.740 resistance.

The price even climbed above the $0.850 level before the bears appeared. A high was formed at $0.8989 before there was a pullback. The price dipped below $0.820 and tested $0.720. It tested the 61.8% Fib retracement level of the upward move from the $0.6700 swing low to the $0.8989 high.

The price is now trading above $0.750 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.740 on the hourly chart of the XRP/USD pair. The trend line is close to the 76.4% Fib retracement level of the upward move from the $0.6700 swing low to the $0.8989 high.

On the upside, the price might face resistance near the $0.8450 level. The first major resistance is near the $0.8880 level. The next key resistance could be $0.900. A clear move above the $0.900 resistance might send the price toward the $0.9250 resistance.

Any more gains might send the price toward the $0.9550 resistance or even $0.9620 in the near term. The next major hurdle might be $0.9850.

Are Dips Limited?

If XRP fails to clear the $0.8450 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.80 level. The next major support is near the $0.7550 level.

If there is a downside break and a close below the $0.7550 level, the price might continue to decline toward the $0.740 support in the near term. The next major support sits near the $0.7240 zone.

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 – $0.8000 and $0.7550.

Major Resistance Levels – $0.8450 and $0.8880.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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