• XRP price is attempting a fresh increase from the $0.5680 support against the US dollar.
• The price is now trading above $0.610 and the 55 simple moving average (4 hours).
• There was a break above a key bearish trend line with resistance near $0.630 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
• The pair could start a fresh increase above the $0.6580 resistance.

XRP price is gaining pace above $0.630 against the US Dollar, like Bitcoin. It must stay above the $0.600 support to continue higher in the near term.

XRP Price Analysis

This past week, XRP price gained pace and attempted to clear the $0.700 resistance against the US Dollar. The XRP/USD pair struggled to clear $0.700 and started a downside correction.

There was a move below the $0.650 and $0.620 support levels. However, the bulls were active above the $0.5680 support. A low has formed near $0.5684 and the price is now attempting a fresh increase. There was a break above a key bearish trend line with resistance near $0.630 on the 4-hour chart of the XRP/USD pair.

XRP is now trading above $0.620 and the 55 simple moving average (4 hours). There was a move above the 23.6% Fib retracement level of the downward move from the $0.7462 swing high to the $0.5684 low.

On the upside, the price is facing resistance near $0.658 or the 50% Fib retracement level of the downward move from the $0.7462 swing high to the $0.5684 low. The next major resistance is near the $0.680 level. A clear move above the $0.680 resistance zone might start a strong increase.

In the stated case, the price could even surpass the $0.700 zone and test $0.740. Any more gains might send the price toward the $0.780 resistance.

Initial support on the downside is near the $0.610 level. The next major support is near the $0.580 level. Any more losses could lead the price toward the $0.5680 level, below which the price might even test the $0.5350 support zone in the near term.

Looking at the chart, XRP price is now trading above the $0.620 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.6580 resistance.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.

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

Key Support Levels – $0.610, $0.600, and $0.5680.

Key Resistance Levels – $0.650 and $0.680.

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• Source: https://www.livebitcoinnews.com/xrp-price-analysis-bulls-aim-for-fresh-rally-to-0-74/