XRP Breakout Alert: 10% Rally and More Upsides In Sight
Key Takeaways:
- XRP price started a major rally above the $0.60 resistance zone.
- It cleared two key bearish trend lines with resistance at $0.4680 and $0.620 on the daily chart.
- The price is up over 10% and might aim for more gains above 0.6550.
NEW DELHI (CoinChapter.com) — XRP started a fresh surge above $0.550 and $0.60. The bulls seem to be in action, and they could aim for a move toward the $0.720 resistance.
XRP Price Outperformed Bitcoin and Ethereum
In the last technical analysis, we discussed how XRP price gained pace for a move above the $0.550 and $0.580 resistance levels. It remained in a positive zone and settled above the 50-day simple moving average (blue).
The price cleared two key bearish trend lines with resistance at $0.4680 and $0.620 on the daily chart. The bulls were able to push the price above the 61.8% Fib retracement level of the main drop from the $0.7424 swing high to the $0.3831 low.
In the last two sessions, the price gained over 10% and outperformed Bitcoin and Ethereum. The current daily candle suggests more upside in the near term. Immediate resistance is near the $0.6550 level. It is close to the 76.4% Fib retracement level of the main drop from the $0.7424 swing high to the $0.3831 low.
A convincing move and close above the $0.6550 resistance zone could set the tone for more upsides. The first major resistance above $0.6550 sits near the $0.7050 level. If the bulls push the price above the $0.7050 resistance, there could be another steady increase.
The next major resistance is near the $0.740 level, above which the price could accelerate higher. In the stated case, the price might climb and test the $0.780 resistance. Any more gains might open the doors for a test of $0.80.
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Downside Correction Before Next Move Up?
Conversely, XRP price might fail to surpass the $0.6550 resistance zone. In the stated case, there could be a downside correction. Immediate support sits near the $0.620 level and the broken trend line region. The first major support sits at $0.600.
The next major support is near the $0.5620 level, below which the price could revisit the 50-day simple moving average at $0.520. A downside break below this support might set the pace for a fresh bearish wave and change the trend. In this case, the price may decline toward the $0.4750 level or even $0.450.
Overall, the XRP price is signaling strength above $0.620. If the bulls remain in action, there is a chance of a move above the $0.6550 and $0.680 levels in the coming sessions.
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