HomeContributorsTechnical AnalysisXRP Price Rally Seems Far From Over, Oil Price Takes Hit

XRP Price Rally Seems Far From Over, Oil Price Takes Hit

Key Highlights

  • XRP price rallied over 15% and tested the $0.7320 zone.
  • A major bullish trend line is forming with support near $0.6300 on the 4-hour chart.
  • Bitcoin price is consolidating below the $36,000 resistance.
  • Crude oil prices are moving lower below the $80.00 support.

XRP Price Technical Analysis

XRP price started a major rally from the $0.4750 zone. The bulls pumped the price above the $0.500 and $0.600 resistance levels.

Looking at the 4-hour chart, the price surged over 15% in three days and climbed above the $0.700 level. A new multi-week high is formed near $0.7329 on TitanFX and the price is now correcting gains. There was a move below the $0.6850 level.

The price spiked below the 23.6% Fib retracement level main increase from the $0.4759 swing low to the $0.7329 high. However, the price is still trading well above the $0.6200 support, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).

There is also a major bullish trend line forming with support near $0.6300 on the same chart. Any more losses below the trend line might call for a drop toward $0.5750.

On the upside, XRP price might face resistance near the $0.7050 level. The next major resistance is near $0.7150. A successful close above the $0.7150 level might spark a decent increase.

In the stated case, the price may perhaps rise toward the $0.7320 level. The next stop for the bulls may perhaps be near the $0.7500 level. Any more gains might send XRP toward $0.7850.

Economic Releases

  • Fed’s Chair Powell speech.
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