- The ripple price started a sharp rise above the $ 0.2600 and $ 0.2650 resistance levels against the US dollar.
- The price moved up towards the $ 0.2780 level and stood well above the 55 simple moving average (4 hours).
- There is a large bullish trend line forming with support near $ 0.2650 on the 4-hour chart of the XRP / USD pair (data source from Bittrex).
- The pair remains well offered and the bulls appear to be seeing further gains above $ 0.2750 and $ 0.2780.
Ripple’s price is gaining speed above the $ 0.2650 level against the US dollar. The XRP price is showing positive signals and is likely to rise above $ 0.2780.
Ripple Price Analysis
Last week, there was a strong upward movement in the ripple price from the $ 0.2450 support against the US dollar. The XRP / USD pair broke the $ 0.2600 resistance zone to move into a positive zone.
There was also a break above the $ 0.2650 resistance and the price stabilized well above the 55 (4-hour) simple moving average. The pair traded as low as $ 0.2779 before correcting to the downside. It traded below the $ 0.2700 support level.
There was a break below the 23.6% Fib retracement level of the upward move from the swing low of $ 0.2531 to the high of $ 0.2779. However, the bulls are now protecting the support level of $ 0.2650.
There is also an important bullish trend line forming with a support near $ 0.2650 on the 4-hour chart of the XRP / USD pair. The trend line is close to the 50% Fib retracement level of the upward movement from the swing low of $ 0.2531 to the high of $ 0.2779.
If there is a break below the trend line, the price could test the support level of $ 0.2590. Support stated at $ 0.2590 is near the 55 simple moving average (4 hours), below which the price could test $ 0.2450.
On the positive side, the ripple price is facing hurdles near the $ 0.2750 level. The next big resistance is near the $ 0.2780 and $ 0.2785 levels. A clear break above the $ 0.2780 and $ 0.2785 resistance levels could send the price ripple above the $ 0.2800 barrier.
Looking at the chart, the ripple price is clearly trading above the $ 0.2650 support and is well above the 55 simple moving average (4 hours). Overall, the price remains well offered and it appears that the bulls are seeing further gains above $ 0.2750 and $ 0.2780.
4-hour MACD – The MACD for XRP / USD is showing positive signs in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for XRP / USD is now flat just above the 55 level.
Key support levels: $ 0.2650, $ 0.2620 and $ 0.2590.
Key resistance levels: $ 0.2750 and $ 0.2780.