XRP price has experienced a significant rally, surging more than 20% and surpassing the $0.70 mark against the US Dollar. While there has been a slight correction in gains, it is expected that the bulls will regain activity around the $0.650 level. XRP began this impressive increase by breaking above the $0.680 resistance, currently trading above $0.685 and the 100 simple moving average (4 hours). Furthermore, there is a notable bullish trend line forming with support near $0.6580 on the 4-hour chart of the XRP/USD pair, indicating that the bulls could potentially remain active near $0.6500.
Starting from the $0.532 zone, XRP gained bullish momentum and saw a considerable rise above the $0.580 and $0.585 resistance levels. Even compared to Bitcoin and Ethereum, XRP outperformed. It successfully surpassed the $0.650 resistance zone and reached a new multi-week high around $0.7329. More recently, the price has undergone a downside correction, dipping below the $0.620 level and even declining beneath the 23.6% Fib retracement level of the upward move from the $0.5866 swing low to the $0.7329 high. Nonetheless, XRP is currently trading above $0.665 and the 100 simple moving average (4 hours), with a major bullish trend line forming near $0.6580 on the 4-hour chart of the XRP/USD pair. In terms of resistance, the immediate level is around $0.695, followed by the first major resistance at $0.700, which could potentially propel the price towards the $0.728 resistance. If the bulls remain active beyond this level, a rally towards the $0.750 resistance becomes a possibility. Conversely, failure to clear the $0.700 resistance zone could result in continued downward movement, with initial support situated around the $0.660 zone and the trend line. The next significant support level exists at $0.650, and should there be a break below this level and a close below it, the XRP price might experience an accelerated decline and retest the $0.620 support zone.
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