XRP Price Beats BTC: Surging Higher and Aiming for More
XRP price is gaining pace above the $0.6320 resistance zone. The price is up over 6%, outperforming Bitcoin, and might rise further toward $0.6750.
XRP price formed a base above the $0.60 zone and started a fresh increase. It cleared the $0.6120 and $0.6150 resistance levels to move into a positive zone. The price is up over 6%, outperforming Bitcoin and Ethereum, and might aim for more gains.
A high is formed at $0.6582 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $0.6113 swing low to the $0.6582 high.
The price is now trading above $0.640 and the 100-hourly Simple Moving Average. There is also a key bullish trend line forming with support at $0.640 on the hourly chart of the XRP/USD pair. If there is a fresh increase, the price could face resistance near the $0.6580 level.
The first major resistance is near the $0.6650 level. The next key resistance could be $0.6720. A clear move above the $0.6720 resistance might send the price toward the $0.6850 resistance.
Source: XRPUSD on TradingView.comThe next major resistance is near the $0.6940 level. Any more gains might send the price toward the $0.700 resistance or even $0.720 in the near term.
Are Dips Supported?If XRP fails to clear the $0.6580 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.6450 level. The next major support is at $0.640 or the trend line.
If there is a downside break and a close below the $0.640 level, the price might continue to decline toward the $0.6350 support in the near term. The next major support sits at $0.6220 or the 76.4% Fib retracement level of the upward move from the $0.6113 swing low to the $0.6582 high.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.6400 and $0.6350.
Major Resistance Levels – $0.6580 and $0.6720.
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.
In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.
Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.
Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.
At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.
In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
