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Ripple started a new rise above the $ 0.6000 resistance level against the US dollar, similar to bitcoin and ETH. The XRP price is likely to continue to rise towards $ 0.7000 and $ 0.7200.
- Ripple started a new rise above the $ 0.5800 and $ 0.6000 resistance levels against the US dollar.
- The price is now trading well above $ 0.6250 and the simple moving average 100 (4 hours).
- There has been a break above a major contracting triangle with resistance at $ 0.6200 on the 4-hour chart of the XRP / USD pair (source Kraken).
- The pair is showing positive signs and could continue to climb towards $ 0.7000 or even $ 0.7200.
Ripple’s XRP price may rise again
After a sharp downward correction, ripple’s XRP price found support near the $ 0.4500 level. The price started a new rise and recovered above the $ 0.5000 and $ 0.5200 resistance levels.
Bitcoin and Ethereum have gained momentum over the past 2-3 days, causing the XRP to break up above $ 0.5800. The price even climbed above the $ 0.6000 resistance level. The bulls pushed the price above the 50% Fib retracement level of the downward correction from the high $ 0.7887 to the swing low $ 0.4504.
There was also a break above a major contracting triangle with resistance at $ 0.6200 on the 4-hour chart of the XRP / USD pair. The pair is trading well above $ 0.6250 and the simple moving average 100 (4 hours).
Source: XRPUSD on TradingView.com
The price appears to be struggling to gain momentum above the $ 0.6600 level or the 61.8% Fib retracement level of the downward correction from the $ 0.7887 high to the swinging low $ 0.4504. A clear break above the $ 0.6600 and $ 0.6650 levels could call for a move towards the $ 0.7000 resistance. The next key resistance is at $ 0.7200, where the bulls may take positions.
Limited downsides in XRP?
If Ripple fails to break out of the overhead resistance of $ 0.6600, there may be a downward correction. Initial support on the downside is near the $ 0.6200 level.
The first major support is now forming near the $ 0.6000 level. Any further losses could drive the price towards the $ 0.5500 support level in the coming sessions. Intermediate support is near $ 0.5850.
Technical indicators
4-hour MACD – The MACD for XRP / USD is losing pace in the bullish zone.
4-hour RSI (relative strength index) – The RSI for XRP / USD is currently above the 60 level.
Major Support Levels: $ 0.6200, $ 0.6000 and $ 0.5500.
Major resistance levels: $ 0.6600, $ 0.6800 and $ 0.7000.
