XRP Surge Could be Start of Uptrend
XRP price has surged above the $0.400 and $0.450 resistance levels against the US Dollar, gaining over 30%.
This could lead to further upward momentum in the near future.
Over the past week, XRP formed a support base above the $0.350 zone against the US Dollar. The price gradually rose above the $0.3650 resistance zone, albeit at a slower pace than Bitcoin and Ethereum.
Eventually, the bulls overcame a significant hurdle near the $0.400 zone. Furthermore, a contracting triangle with resistance around $0.3980 on the 4-hour chart of the XRP/USD pair was broken. The pair rallied and cleared the $0.450 resistance level.
XRP price approached the $0.500 resistance level and hit a high of about $0.4926 before correcting. The price currently trades above the $0.44 level and the 100 simple moving average (4 hours).
Although the price dropped below the 23.6% Fibonacci retracement level of the upward move from the $0.3720 swing low to $0.4926 high, the bulls remain active above the $0.44 level. An initial resistance is near the $0.4700 zone, followed by the first major resistance at the $0.4950 level.
If the price breaks above $0.500, it could reach the $0.525 resistance level. Additional gains could take XRP to the $0.540 level.
READ MORE: Bitcoin’s Potential Reaction to the Federal Reserve’s Decision on Interest Rates
However, if the altcoin fails to clear the $0.495 resistance zone, it may continue to move down. An initial support on the downside is near the $0.440 level, followed by the next major support at $0.432. If the price falls below and closes below the $0.432 level, it could extend losses and even test the $0.400 support zone.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
