HomeAltcoin NewsRipple Price Analysis: Facing Uphill Task Near $1.20

Ripple Price Analysis: Facing Uphill Task Near $1.20

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  • Ripple price failed to gain strength above the $1.20 resistance against the US dollar.
  • The price is now trading below $1.10 and the 55 simple moving average (4-hours).
  • There was a break below a key bullish trend line with support near $1.120 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to move down unless there is a clear break above $1.15.

Ripple price is showing bearish signs below $1.15 against the US Dollar, unlike bitcoin. XRP price must clear $1.20 for more gains in the near term.

Ripple Price Analysis

After forming a base above $1.050, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke the $1.10 and $1.12 resistance levels to move into a positive zone.

The pair even surpassed the $1.150 resistance and the 55 simple moving average (4-hours). However, the price failed to gain strength for a move above the $1.20 level. A high was formed near $1.186 before there was a fresh decline.

There was a break below a key bullish trend line with support near $1.120 on the 4-hours chart of the XRP/USD pair. The pair traded as low as $1.024 and it is now correcting higher.

There was a break above the 23.6% Fib retracement level of the recent decline from the $1.186 swing high to $1.024 low. XRP is now facing resistance near the $1.05 level. Besides, it is now trading below $1.10 and the 55 simple moving average (4-hours).

On the upside, an initial hurdle is near the $1.05 level. It is close to the 50% Fib retracement level of the recent decline from the $1.186 swing high to $1.024 low.

The next key resistance is near the $1.12 level and the 55 SMA. A close above the $1.12 could set the pace for more gains. The next major resistance is near the $1.20 level. Any more gains could lead the price towards the $1.30 level.

On the downside, an initial support is near the $1.065 level. The first major support is near the $1.05 level. Any more losses could lead the price towards the $1.00 level in the near term.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading below $1.10 and the 55 simple moving average (4-hours). Overall, the price could continue to move down unless there is a clear break above $1.15.

Technical indicators

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

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

Key Support Levels – $1.065, $1.05 and $1.00.

Key Resistance Levels – $1.12 and $1.20.

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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.

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