XRP Price Analysis: The Uptrend Is Accelerating, What Are The Next Levels?

XRP has reduced its losses following Bitcoin's rise against the US Dollar. XRP price has gained 23% in the last 24 hours and is currently trading well above the $ 0.5500 resistance level. According to Aayush Jindal's technical analysis: 

XRP started a strong increase from the $ 0.4350 support zone against the US Dollar.

The price is currently trading well above $ 0.5200 and the 100 simple moving average (4 hours).

There was a break above a critical bearish channel with resistance near $ 0.5300 on the 4-hour chart of the XRP / USD pair (based on Kraken data).

The pair is gaining momentum and it seems the bulls are aiming to test the $ 0.6000 resistance zone.

XRP Price Gains Upward Acceleration

Yesterday, XRP price had a bad drop below $ 0.4500 and the price fell as low as $ 0.4352. But then began a new rise. As with Bitcoin , Ethereum and XRP also experienced a sharp rise.

Bulls took over the cryptocurrency market and XRP climbed above the $ 0.5000 resistance level. The upward move caused the price to rise more than 30%. During the rise, there was a break above a critical bearish channel with resistance near $ 0.5300 on the 4-hour chart of the XRP / USD pair.

The pair even surpassed the 50% Fib retracement level of the move from $ 0.5945 to $ 0.4350. It even rose above the $ 0.5500 resistance zone.

xrp price analysis what are the next levels for xrp experiencing a sharp rise?

It is currently trading near the $ 0.5700 resistance level and the 100 simple moving average (4 hours). It shows many positive signals. Instant resistance is near the $ 0.5890 level. This is near the 61.8% Fib retracement level of the move from $ 0.5945 to $ 0.4350.

A close above the $ 0.5890 level could set the pace of a steady upward move towards $ 0.6000 and $ 0.6120 in the near term.

Will XRP Fall?

If XRP starts a short-term downside correction, it could find support near the $ 0.5500 level. The first major support is near the $ 0.5400 levels where the bulls are likely to take a stand.

The main support is near the broken trend line or at $ 0.5200. Further losses could ease the current bullish pressure.

Technical Indicators

4-Hour MACD - The MACD for XRP / USD is gaining momentum in the bullish zone.

4-Hour RSI (Relative Strength Index) - The RSI for XRP / USD is currently well above the 50 level.

Major Support Levels - $ 0.5500, $ 0.5400 and $ 0.5200

Major Resistance Levels - $ 0.5800, $ 0.5890 and $ 0.6000