XRP Price Prediction: Rally Could Soon Extend To $0.85
March 12 2024 - 11:48PM
NEWSBTC
XRP price started a fresh rally above the $0.6400 resistance. The
bulls are now active above $0.680 and might aim for a move toward
$0.800 or even $0.850. XRP started a fresh increase above the
$0.640 resistance level. The price is now trading above $0.670 and
the 100 simple moving average (4 hours). There is a key bullish
trend line forming with support near $0.660 on the 4-hour chart of
the XRP/USD pair (data source from Kraken). The pair could start a
fresh rally if there is a close above the $0.720 resistance zone.
XRP Price Jumps Over 15% In the past few days, XRP price climbed
higher from the $0.530 zone. There was a move above the $0.580 and
$0.600 resistance levels. Yesterday, it pumped over 15%, cleared
the $0.650 resistance, and outperformed both Ethereum and Bitcoin.
A high was formed at $0.7442 and the price is now consolidating
gains. There was a minor decline below the $0.720 level. The price
dipped below the 23.6% Fib retracement level of the upward move
from the $0.530 swing low to the $0.7442 high. Ripple’s token price
is now trading above $0.660 and the 100 simple moving average (4
hours). There is also a key bullish trend line forming with support
near $0.660 on the 4-hour chart of the XRP/USD pair. On the upside,
immediate resistance is near the $0.720 zone. The first key
resistance is near $0.7440, above which the price could rise toward
the $0.7850 resistance. A close above the $0.7850 resistance zone
could spark a strong increase. Source: XRPUSD on TradingView.com
The next key resistance is near $0.80. If the bulls remain in
action above the $0.80 resistance level, there could be a rally
toward the $0.850 resistance. Any more gains might send the price
toward the $0.880 resistance. Another Decline? If XRP fails to
clear the $0.720 resistance zone, it could start another decline.
Initial support on the downside is near the $0.660 zone and the
trend line. The next major support is at $0.6350 or the 50% Fib
retracement level of the upward move from the $0.530 swing low to
the $0.7442 high. If there is a downside break and a close below
the $0.6350 level, the price might accelerate lower. In the stated
case, the price could retest the $0.600 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 –
$0.6600, $0.6350, and $0.600. Major Resistance Levels – $0.720,
$0.7440, and $0.800.
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