XRP Bulls Eye Key Resistance: Will Momentum Drive More Upsides?

Key Takeaways:

• XRP price extended gains above the $0.550 and $0.5650 resistance levels.
• It is now facing hurdles near a key bearish trend line with resistance at $0.640 on the weekly chart.
• The price is now above the 50-week simple moving average and might rally toward $0.730.

NEW DELHI (CoinChapter.com) — XRP is signaling a decent increase above $0.550. The bulls could gain strength if the price clears the $0.640 and $0.650 resistance levels.

XRP Price Turns Green But Can It Continue Higher?

In the last analysis, we discussed the chances of a move above the $0.5650 and $0.600 levels. XRP did gain bullish momentum and surpassed the $0.600 resistance zone. The price cleared the 23.6% Fib retracement level of the downward move from the $0.9445 swing high to the $0.3831 low.

It also settled above the $0.550 resistance zone and the 50-week simple moving average. It seems like the price is signaling a steady increase and might aim for more upsides like Bitcoin and Ethereum.

The last three weekly candles signal an increase in buying interest. The price is now facing hurdles near a key bearish trend line with resistance at $0.640 on the weekly chart. A close above the trend line resistance could set the tone for more upsides.

Immediate resistance above the trend line sits near the $0.6640 level. It is close to the 50% Fib retracement level of the downward move from the $0.9445 swing high to the $0.3831 low.

An upside break above the $0.6640 resistance could open the doors for a move toward the main resistance at $0.730. If the bulls succeed in clearing the $0.730 resistance, it could pump XRP and send it toward the $0.850 resistance or even $0.90 in the coming weeks.

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Dips Supported?

Conversely, XRP price might fail to clear $0.640 or $0.6640 and start a downside correction. Immediate support on the downside is near the $0.580 level. The next key support sits at $0.550 and the 50-week simple moving average.

If the bulls fail to protect the $0.550 support, there might be a strong decline. The next major support is $0.50. A downside break below the $0.50 support might increase selling pressure. In the stated case, the price may decline toward the $0.4250 level.

Overall, XRP price is gaining pace above the $0.550 and $0.580 resistance levels. To continue higher, it must surpass the $0.640 and $0.6640 resistance levels. Conversely, the price might correct gains and revisit the $0.550 support.

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