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XRP price pump 25%: can this breakout last?
The price of XRP forms a low above $0.450 and starts pumping strongly, surpassing Ethereum and BTC. The price may exceed the resistance levels of $0.5150 and $0.550.
The price has risen by more than 25%, surpassing several obstacles near $0.600. The price formed a peak at $0.6473 and recently corrected some of its gains. The price has dropped below the $0.600 level. The price has fallen below the fibonacci retracement level of 23.6% from the drop of $0.4922 to the rise of $0.6477.
However, long positions are active around 0.5880 dollars. It continues to trade above 0.600 dollars and the 100-hour simple moving average. On the positive side, the price encounters obstacles around 0.6250 dollars.
The first major resistance level is around $0.6350. The next key resistance level could be $0.640. If the $0.640 resistance level is clearly breached, the price could drop to the $0.6550 resistance level. The next major resistance level is around $0.6880. If the pump continues, the price could drop to the short-term resistance level of $0.700 or even $0.720.
If XRP fails to break through the $0.620 resistance zone, it could fall again. The first downside support level is near $0.600 and the next major support level is at $0.5880.
If a downside break occurs and the price closes below $0.5880, it could continue to decline to the support level of $0.570 or the fibonacci retracement level of 50% of the rise trend from the low of $0.4922 to the high of $0.6477. The next major support level is at $0.540.
technical indicator:
Every hour, the XRP/USD MACD is currently accelerating in the bullish zone.
Every hour, the RSI (Relative Strength Index) of XRP/USD is now above 50.
Main support level - 0.600 dollars and 0.5880 dollars.
Main resistance levels - $0.6200 and $0.6400.
(Data Source: Aayush Jindal)