XRP Price Prediction – A Strengthening Case For Rally Above $0.62
01 November 2023 - 4:18PM
NEWSBTC
XRP price is correcting gains from the $0.620 resistance against
the US Dollar. The price might test the $0.5760 support, where the
bulls could take a stand. XRP started a strong increase above the
$0.580 resistance. The price is now trading above $0.585 and the
100 simple moving average (4 hours). There is a major bullish trend
line forming with support near $0.5760 on the 4-hour chart of the
XRP/USD pair (data source from Kraken). The pair might correct
further lower, but the bulls could remain active near $0.5760. XRP
Price Remains In Uptrend After forming a base above the $0.532
level, XRP started a fresh rally. There was a strong move above the
$0.555 and $0.565 resistance levels. It even outperformed Bitcoin
and Ethereum. A high was formed near $0.6204 and the price is now
correcting gains. There was a decline below the $0.600 level. The
price even moved below the 23.6% Fib retracement level of the
upward move from the $0.5316 swing low to the $0.6204 high. XRP is
now trading above $0.585 and the 100 simple moving average (4
hours). There is also a major bullish trend line forming with
support near $0.5760 on the 4-hour chart. Source: XRPUSD on
TradingView.com On the upside, immediate resistance is near the
$0.5950 level. The first major resistance is $0.600. A close above
the $0.600 level could send the price toward the $0.620 resistance.
If the bulls remain in action above the $0.620 resistance level,
there could be a rally toward the $0.650 resistance. Any more gains
might send XRP toward the $0.665 resistance. Are Dips Supported? If
XRP fails to clear the $0.600 resistance zone, it could continue to
move down. Initial support on the downside is near the $0.576 zone
and the trend line. The trend line is near the 50% Fib retracement
level of the upward move from the $0.5316 swing low to the $0.6204
high. The next major support is at $0.5650. If there is a downside
break and a close below the $0.5650 level, XRP price might
accelerate lower. In the stated case, the price could retest the
$0.532 support zone. Technical Indicators 4-Hours MACD – The MACD
for XRP/USD is now losing pace in the bullish zone. 4-Hours RSI
(Relative Strength Index) – The RSI for XRP/USD is now above the 50
level. Major Support Levels – $0.576, $0.565, and $0.532. Major
Resistance Levels – $0.600, $0.620, and $0.650.
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