Ripple price started a strong increase above the .0000 and .200 resistance levels against the US dollar. The price is now well above .4000 and the 55 simple moving average (4-hours). There was a break above a major contracting triangle with resistance near .400 on the 4-hours chart of the XRP/USD pair (data source from Bittrex). The pair is likely to surge further above the .580 and .600 resistance levels. Ripple price is trading in a bullish zone above the .3000 resistance against the US Dollar. XRP price is likely to accelerate higher above .60 in the near term. Ripple Price Analysis After forming a base above the %excerpt%.8000 and %excerpt%.9500 support levels, ripple price started a fresh rally against the US Dollar. The XRP/USD pair broke many hurdles near
Topics:
Aayush Jindal considers the following as important: Altcoin News, News, Ripple, Trading, XRP
This could be interesting, too:
Pareesh Phulkar writes P’Nut the Squirrel: Could This Be the Second Coming?
Bilal Hassan writes Sheila Warren to Step Down as CEO of CCI in January
Bilal Hassan writes Sui Partners with Ant Digital to Tokenize ESG Assets
Bilal Hassan writes Riot Platforms Boosts Bitcoin Holdings with 0 Million Purchase
- Ripple price started a strong increase above the $1.0000 and $1.200 resistance levels against the US dollar.
- The price is now well above $1.4000 and the 55 simple moving average (4-hours).
- There was a break above a major contracting triangle with resistance near $1.400 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair is likely to surge further above the $1.580 and $1.600 resistance levels.
Ripple price is trading in a bullish zone above the $1.3000 resistance against the US Dollar. XRP price is likely to accelerate higher above $1.60 in the near term.
Ripple Price Analysis
After forming a base above the $0.8000 and $0.9500 support levels, ripple price started a fresh rally against the US Dollar. The XRP/USD pair broke many hurdles near $1.0000 and $1.200 to move into a positive zone.
There was also a close above the $1.2500 level and the 55 simple moving average (4-hours). Recently, there was a break above a major contracting triangle with resistance near $1.400 on the 4-hours chart of the XRP/USD pair.
It opened the doors for more gains above the $1.500 resistance. The price traded to new multi-month high at $1.580 and it is now consolidating gains. If there is a downside correction, the price might find bids near the $1.515 level.
The 23.6% Fib retracement level of the upward move from the $1.311 swing low to $1.580 high is also near the $1.515 level. The next major support on the downside is near the $1.480 zone.
The main support is now near the $1.450 level. It is near the 50% Fib retracement level of the upward move from the $1.311 swing low to $1.580 high. Any more losses might call for a drop towards the $1.350 support zone in the near term.
On the upside, the price is facing resistance near the $1.5800 level. If there is an upside break above the $1.580 level, the price could accelerate further higher. In the stated case, the price could even surge towards the $1.6500 and $1.800 levels.
Ripple Price
Looking at the chart, ripple price is clearly trading in a bullish zone above the $1.250 zone and the 55 simple moving average (4-hours). Overall, the price is likely to surge further above the $1.580 and $1.600 resistance levels.
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 well above the 60 level.
Key Support Levels – $1.480, $1.450 and $1.250.
Key Resistance Levels – $1.580 and $1.600.