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- Ripple’s price remained well supported near the $ 0.4500 and $ 0.4750 levels against the US dollar.
- The price is trading well above $ 0.6000 and the simple moving average 55 (4 hours).
- There has been a break above a major bearish trend line with resistance near $ 0.6180 on the 4-hour chart of the XRP / USD pair (data source from Bittrex).
- The pair is likely to continue to rise above the $ 0.6500 and $ 0.6750 resistance levels.
The ripple price is on the rise and is trading above key supports at $ 0.5800 against the US dollar. The XRP price could even retest the $ 0.7000 zone if it clears the $ 0.6500 resistance.
Ripple Price Analysis
Last week, there was a major downside correction from well over $ 0.6500 in the ripple price against the US dollar. The XRP / USD pair broke the $ 0.6000 support zone to move into a short-term bearish zone.
The decline rose to below $ 0.5500 and $ 0.5200. There was also a spike below the $ 0.4750 support level and the 55 simple moving average (4 hours). A low near $ 0.4572 formed before the price began a new upward move.
There has been a steady rise above the $ 0.5000 and $ 0.5200 levels. The price even broke the resistance of $ 0.5500 and traded above the 55 (4-hour) simple moving average. There was also a break above a major bearish trend line with resistance near $ 0.6180 on the 4-hour chart of the XRP / USD pair.
The pair is now testing the overhead resistance at $ 0.6330. It is close to the 50% Fib retracement level of the downward movement from swing high $ 0.8098 to swing low $ 0.4572.
The next big resistance is near $ 0.6500, above which the price could face hurdles near the $ 0.6750 level. It represents the 61.8% Fib retracement level of the downward movement from the swing high of $ 0.8098 to the low swing of $ 0.4572.
Any further gains could drive the price towards the $ 0.7000 level. If there is a new decline, the price may find support near the broken trend line or $ 0.6000. The main support is forming near the $ 0.5500 level and the 55 simple moving average (4 hours).
Ripple price
Looking at the chart, the ripple price is clearly trading well above $ 0.5500 and the simple moving average 55 (4 hours). Overall, the price is likely to continue to rise above the $ 0.6500 and $ 0.6750 resistance levels.
Technical indicators
4-Hour MACD – The MACD for XRP / USD is currently gaining momentum in the bullish zone.
4-hour RSI (relative strength index) – The RSI for XRP / USD is now well above the 50 level.
Key Support Levels: $ 0.6000, $ 0.5800, and $ 0.5500.
Key resistance levels: $ 0.6500 and $ 0.6750.
