- Ripple price started a fresh increase above the $0.80 resistance zone against the US dollar.
- The price is now trading above $0.80 and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.8050 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could start another increase unless there is a clear move below the $0.8000 support zone.
Ripple price is trading in a bullish zone above $0.8000 against the US Dollar, unlike bitcoin. XRP price must stay above $0.8000 to avoid more downsides.
Ripple Price Analysis
In the past few sessions, ripple price saw a decent increase above the $0.7500 resistance zone against the US Dollar. The XRP/USD pair broke the $0.8000 zone to enter a positive zone.
There was a clear move above the $0.8500 zone and a close above the 55 simple moving average (4-hours). The price traded as high as $0.8636 and is currently correcting lower. It traded below the $0.8500 support zone. There was a move below the 23.6% Fib retracement level of the upward move from the $0.7887 swing low to $0.8636 high.
It is now trading near the $0.830 support zone. The 50% Fib retracement level of the upward move from the $0.7887 swing low to $0.8636 high is also acting as a support.
There is also a major bullish trend line forming with support near $0.8050 on the 4-hours chart of the XRP/USD pair. The main support is near the $0.8000 zone and the 55 simple moving average (4-hours). Any more losses could lead the price towards the $0.7650 level in the near term, below which the price might even test $0.7200.
On the upside, the price is facing resistance near the $0.8500 zone. The next key resistance is near the $0.8650 level. Any more gains could lead the price towards the $0.9000 level.
Looking at the chart, ripple price is now trading above $0.8000 and the 55 simple moving average (4-hours). Overall, the price could start a fresh increase unless there is a clear move below the $0.8000 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 near the 50 level.
Key Support Levels – $0.8050, $0.8000 and $0.7200.
Key Resistance Levels – $0.8500 and $0.8650.
