XRP Price Resumes Rally – Here’s Why It Could Surpass $1 This Time

2023-07-19 11:37:46

Ripple’s token price is moving higher from $0.6650 against the US Dollar. XRP price might gain bullish momentum if it clears the $0.8065 resistance zone.

Ripple’s token price is moving higher toward the $0.8065 resistance against the US dollar.
The price is now trading above $0.75 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.760 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might continue to rise if it clears the $0.8065 resistance in the near term.

Ripple’s Token Price Starts Fresh Rally

After a strong rally, Ripple’s XRP saw a downside correction from the $0.9500 resistance against the US Dollar. It dipped below the $0.820 support zone. The price even spiked below the $0.70 support.

A low is formed near $0.6655 and the price is now rising, unlike Bitcoin and Ethereum. There was a move above the $0.70 and $0.72 resistance levels. XRP surpassed the 23.6% Fib retracement level of the downward move from the $0.9479 swing high to the $0.6655 low.

XRP price is now trading above $0.70 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.760 on the 4-hour chart of the XRP/USD pair.

Initial resistance on the upside is near the $0.8065 zone. It is close to the 50% Fib retracement level of the downward move from the $0.9479 swing high to the $0.6655 low. The next major resistance is near the $0.840 level.

Source: XRPUSD on TradingView.com

A successful break above the $0.84 resistance level might send the price toward the $0.90 resistance. Any more gains might call for a test of the $1 resistance.

Fresh Decline in XRP?

If ripple fails to clear the $0.8065 resistance zone, it could start another decline. Initial support on the downside is near the $0.75 zone and the trend line.

The next major support is near $0.70. If there is a downside break and a close below the $0.70 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.62 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining 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 – $0.75, $0.72, and $0.70.

Major Resistance Levels – $0.8065, $0.84, and $0.95.

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