XRP Poised for Renewed Surge as it Breaks Resistance at $0.630

XRP's price attempts an upward surge from the $0.5680 support against the US dollar. Currently trading above $0.610 and the 55 SMA (4 hours), XRP has broken a bearish trend line with resistance near $0.630 on the 4-hour chart. A potential fresh increase could occur if the price surpasses the $0.6580 resistance.

XRP Poised for Renewed Ascent from $0.5680 Support

XRP is attempting to reignite its upward trajectory from the pivotal $0.5680 support level against the US dollar. Currently trading above $0.610 and the 55-day simple moving average (4-hour chart), XRP has surpassed a key bearish trend line with resistance near $0.630, according to data from Kraken.

Technical Analysis

Over the past week, XRP's momentum has accelerated, challenging the $0.700 resistance against the US dollar. However, its inability to breach this barrier has triggered a corrective downturn. Despite falling below $0.650 and $0.620 support levels, bulls have remained steadfast above $0.5680. A recent low near $0.5684 has set the stage for a potential resurgence.

On the 4-hour chart, XRP has broken above the aforementioned bearish trend line at $0.630. It is currently trading above $0.620 and the 55-day simple moving average, indicating a shift in sentiment. Moreover, it has surpassed the 23.6% Fibonacci retracement level of the downward move from $0.7462 to $0.5684.

Resistance and Support Levels

On the upside, XRP faces resistance at $0.658, the 50% Fibonacci retracement level of the aforementioned downward move. A breakout above this level could open the door to a more substantial rally, with the next major resistance located at $0.680. A decisive move beyond $0.680 could trigger a significant surge.

In the event of a sustained rally, XRP could potentially surpass $0.700 and target $0.740. Further gains could push the price towards the $0.780 resistance level.

Conversely, on the downside, initial support is found at $0.610. The next major support is located at $0.580. A deeper decline could drag the price towards $0.5680, potentially testing the $0.5350 support zone in the near term.

Technical Indicators

4-hour MACD: The Moving Average Convergence Divergence (MACD) for XRP/USD is gaining momentum in the bullish zone, indicating a shift in favor of buyers.

4-hour RSI: The Relative Strength Index (RSI) for XRP/USD is above the 50 level, suggesting that bulls are in control of the market.

Key Support and Resistance Levels

Support: $0.610, $0.600, $0.5680

Resistance: $0.650, $0.680