XRP price surged over 9% and it even broke the $ 0.3 resistance, recording a 17% return over the past seven days

XRP price was once up over 10%, and it even broke the $ 0.3 resistance level, trading close to $ 0.3010. However, at press time, XRP has dropped a bit to $ 0.2991 but has maintained a 9.35% gain over the past 24 hours, nearly 18% in the past week.

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XRP/USD 4-hour chart | Source: TradingView

XRP price started a strong rally after it broke through the $ 0.265 resistance

Over the past 2 – 3 trading sessions of the past few hours, XRP price has risen sharply above the $ 0.2650 resistance zone and started to accelerate above $ 0.28 and stabilized above the 100 (4-hour) simple moving average.

The up move reached speeds above $ 0.285 and $ 0.292. Ultimately, XRP soared above the $ 0.3 resistance and traded to a new multi-week high of $ 0.303. The price is currently consolidating gains above the $ 0.295 and $ 0.296 levels.

Initial support is close to $ 0.2940. It is close to the 23.6% Fib retracement level of the recent rally from the $ 0.2647 low to the $ 0.3030 high. The next major support is near $ 0.2850.

The 50% Fib retracement level of the recent rally from the $ 0.2647 low to the $ 0.3030 high is also close to the $ 0.2835 level to provide support. More importantly, there is a major uptrend line forming with support close to $ 0.2700 on the 4-hour chart of the XRP / USD pair.

On the upside, the price is clearly facing huge resistance near $ 0.3030 and $ 0.3040. If there is a successful break above the $ 0.3040 resistance zone, the price can move up to $ 0.3120 and $ 0.3150 in the near term.

If XRP fails to clear the $ 0.3030 and $ 0.3040 support levels, there could be a downside correction. The first critical support is near $ 0.2850. The next major support is near $ 0.2770 (multi-touch zone). Overall, a drop to $ 0.2850 and $ 0.2770 is likely to find a strong buying interest in the near term.

You can see the XRP price here.

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