Rally

Bitcoin

Resistance

XRP price is consolidating above the $0.600 support. The price could start a fresh rally if there is a daily close above the $0.650 resistance. 
<ul> 
 <li>XRP is attempting a fresh increase from the $0.600 support level.</li> 
 <li>The price is now trading above $0.620 and the 100 simple moving average (4 hours).</li> 
 <li>There is a key contracting triangle forming with resistance near $0.6380 on the 4-hour chart of the XRP/USD pair (data source from Kraken).</li> 
 <li>The pair start a fresh rally if it clears the $0.638 and $0.650 resistance levels.</li> 
</ul> 
<h2 id="xrp-price-aims-higher">XRP Price Aims Higher</h2> 
After a downside correction, XRP price found support near the $0.600 zone. The price formed a base and started a minor increase above the $0.612 level, but upsides were limited and less compared to <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-seems-unstoppable-48k/" target="_blank" rel="noopener ">Bitcoin</a> and <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-momentum-reignites-technical-signals-potential-surge-to-2600/" target="_blank" rel="noopener ">Ethereum</a>. 
The price spiked a few times above the 50% Fib retracement level of the key decline from the $0.700 swing high to the $0.578 swing low. However, the bears protected a close above the $0.650 resistance. It is now consolidating below $0.640. 
XRP is stable above $0.620 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.638 zone. There is also a key contracting triangle forming with resistance near $0.6380 on the 4-hour chart of the XRP/USD pair. 
The next major resistance is near the $0.650 zone or the 61.8% Fib retracement level of the key decline from the $0.700 swing high to the $0.578 swing low. A close above the $0.650 resistance zone could spark a strong increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-567792" src="https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price.png?resize=1024%2C461" alt="XRP Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/XRP_Price.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/XRPUSD/" target="_blank" rel="noopener nofollow">XRPUSD on TradingView.com</a> 
The next key resistance is near $0.672. If the bulls remain in action above the $0.672 resistance level, there could be a rally toward the $0.700 resistance. Any more gains might send the price toward the $0.720 resistance. 
<h2 id="downside-break">Downside Break?</h2> 
If XRP fails to clear the $0.638 resistance zone, it could start a fresh decline. Initial support on the downside is near the $0.610 zone and the triangle trend line. 
The next major support is at $0.600. If there is a downside break and a close below the $0.600 level, XRP price might accelerate lower. In the stated case, the price could retest the $0.550 support zone. 
Technical Indicators 
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone. 
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level. 
Major Support Levels – $0.610, $0.600, and $0.550. 
Major Resistance Levels – $0.638, $0.650, and $0.700.

XRP Price Could Rally If It Clears This Hurdle – $0.75 Next?

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