Ripple price started a downside correction from the %excerpt%.9450 zone against the US dollar. The price is now trading above %excerpt%.650 and the 55 simple moving average (4 hours). There is a key contracting triangle forming with resistance near %excerpt%.775 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase above the %excerpt%.780 resistance. Ripple price is consolidating near %excerpt%.750 against the US Dollar, similar to Bitcoin. XRP price must stay above the %excerpt%.70 support to start a fresh increase. Ripple Price Analysis This past week, Ripple price started a major rally above the %excerpt%.50 resistance. It even rallied toward .00 before it saw a downside correction against the US Dollar. The XRP/USD pair declined below the %excerpt%.850 level.
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- Ripple price started a downside correction from the $0.9450 zone against the US dollar.
- The price is now trading above $0.650 and the 55 simple moving average (4 hours).
- There is a key contracting triangle forming with resistance near $0.775 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase above the $0.780 resistance.
Ripple price is consolidating near $0.750 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.70 support to start a fresh increase.
Ripple Price Analysis
This past week, Ripple price started a major rally above the $0.50 resistance. It even rallied toward $1.00 before it saw a downside correction against the US Dollar. The XRP/USD pair declined below the $0.850 level.
There was a drop below the 23.6% Fib retracement level of the upward move from the $0.4681 swing low to the $0.9479 high. However, the price found support near the $0.70 zone. It is now trading above $0.650 and the 55 simple moving average (4 hours).
There is also a key contracting triangle forming with resistance near $0.775 on the 4-hour chart of the XRP/USD pair. The bulls seem to be protecting the 50% Fib retracement level of the upward move from the $0.4681 swing low to the $0.9479 high.
On the upside, the price is facing resistance near $0.775. The next major resistance is near the $0.780 level. A clear move above the $0.780 resistance zone might start a strong increase.
In the stated case, the price could even surpass the $0.80 resistance. Any more gains might send the price toward the $0.850 resistance.
Initial support on the downside is near the $0.7250 level. The next major support is near the $0.70 level. Any more losses could lead the price toward the $0.650 level, below which the price might even test the $0.580 support zone in the near term.
Looking at the chart, Ripple’s price is now trading above the $0.65 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.70 resistance.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.472, $0.465, and $0.450.
Key Resistance Levels – $0.495 and $0.50.