HomeAltcoin NewsRipple Price Analysis: Dips Remain Supported Near 0.75

Ripple Price Analysis: Dips Remain Supported Near 0.75

-

  • Ripple price gained traction and it rallied above $0.7500 against the US dollar.
  • The price is now trading well above the $0.7500 resistance and the 55 simple moving average (4-hours).
  • There is a crucial bullish trend line forming with support near $0.7500 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to rise as long as it is above the $0.7000 support zone.

Ripple price is trading in a positive zone above $0.7500 against the US Dollar, similar to bitcoin. XRP price could accelerate higher if it clears the $0.8000 hurdle.

Ripple Price Analysis

Recently, there was a fresh increase in ripple price above the $0.7000 resistance against the US Dollar. The XRP/USD pair broke the key $0.7500 resistance zone to move further into a bullish zone.

The price is now trading well above the $0.7500 resistance and the 55 simple moving average (4-hours). It even broke the $0.8000 level and traded as high as $0.8418. It is now correcting lower and trading below the $0.8000 pivot level.

It broke the 23.6% Fib retracement level of the upward move from the $0.6952 swing low to $0.8418 high. It is now consolidating above the $0.7650 support.

The 50% Fib retracement level of the upward move from the $0.6952 swing low to $0.8418 high is also near the 0.7650 support zone. Moreover, there is a crucial bullish trend line forming with support near $0.7500 on the 4-hours chart of the XRP/USD pair.

The next major support is near the $0.7400 level and the 55 simple moving average (4-hours). Any more losses might call for a move towards the main $0.7000 support zone.

On the upside, an initial resistance is near the $0.8000 level. The next major resistance is near the $0.8200 level. To start a fresh rally, the price must clear the $0.8200 resistance. In the stated case, the price could rise towards the $0.8800 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading well above the $0.7500 resistance and and the 55 simple moving average (4-hours). Overall, the price could continue to rise as long as it is above the $0.7000 support zone.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is still above the 50 level.

Key Support Levels – $0.7500, $0.7400 and $0.7000.

Key Resistance Levels – $0.8000 and $0.8200.

FOLLOW US

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

Upcoming Events

Most Popular