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- The ripple price started a sharp rise above the $ 0.3000 and $ 0.3550 resistance levels against the US dollar.
- The price has gained over 40% in the past few days and has hovered above the 55 (4-hour) simple moving average.
- There is a key bullish continuation pattern forming with resistance near $ 0.4740 on the 4-hour chart of the XRP / USD pair (data source Bittrex).
- The pair is likely to start another rally if it breaks out of the $ 0.4750 and $ 0.4800 resistance levels.
Ripple’s price is trading in a nice uptrend above $ 0.4000 against the US dollar. The XRP price shows signs of further gains above the $ 0.4750 and $ 0.4800 levels.
Ripple Price Analysis
Last week, there was a strong upward movement in the ripple price above the $ 0.3000 resistance against the US dollar. The XRP / USD pair broke the $ 0.3500 resistance zone to start a massive rally.
The bulls gained strength, up 40%. The price has overcome many hurdles near $ 0.4000 and $ 0.4500. It even climbed above $ 0.4500 and stood well above the 55 (4-hour) simple moving average. A new multi-month high formed near $ 0.4920 before the price corrected to the downside.
There was a break below the $ 0.4800 and $ 0.4650 levels. However, the price has found support near $ 0.4050 and is currently rising. The recent high formed near $ 0.4824 before the price corrected below $ 0.4750.
There was a break below the 50% Fib retracement level of the upward move from the swing low of $ 0.4065 to the high of $ 0.4824. On the downside, the price is finding offers near the $ 0.4400 level. There is also a key bullish continuation pattern forming with resistance near $ 0.4740 on the 4-hour chart of the XRP / USD pair.
The support of the triangle is near the 61.8% Fib retracement level of the upside move from the swing low of $ 0.4065 to the high of $ 0.4824. On the positive side, the ripple price is facing hurdles near $ 0.4750 and $ 0.4800.
A successful break above the $ 0.4800 level could lead the price towards the $ 0.5000 resistance. The next key resistance on the upside is near the $ 0.5200 level. Conversely, the price may break out of the triangle support and then $ 0.4350 to correct to the downside.
Ripple price
Looking at the chart, the ripple price is clearly holding the gains above $ 0.4000 and the 55 simple moving average (4 hours). Overall, the price is likely to start another rally if it breaks through the $ 0.4750 and $ 0.4800 resistance levels.
Technical indicators
4-Hour MACD – The MACD for XRP / USD is currently losing momentum in the bullish zone.
4-Hour Relative Strength Index (RSI) – The RSI for XRP / USD has been corrected lower and is close to the 70 level.
Key support levels: $ 0.4450, $ 0.4350 and $ 0.4050.
Key resistance levels: $ 0.4750 and $ 0.5000.
