- Ripple price remained well supported near the $0.4500 and $0.4750 levels against the US dollar.
- The price is trading nicely above $0.6000 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.6180 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair is likely to continue higher above the $0.6500 and $0.6750 resistance levels.
Ripple price is rising and trading above key supports at $0.5800 against the US Dollar. XRP price could even retest the $0.7000 zone if it clears the $0.6500 resistance.
Ripple Price Analysis
This past week, there was a major downside correction from well above $0.6500 in ripple price against the US Dollar. The XRP/USD pair broke the $0.6000 support zone to move into a short-term bearish zone.
The decline gained pace below $0.5500 and $0.5200. There was also a spike below the $0.4750 support level and the 55 simple moving average (4-hours). A low was formed near $0.4572 before the price started a fresh upward move.
There was a steady rise above the $0.5000 and $0.5200 levels. The price even cleared the $0.5500 resistance and settled above the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $0.6180 on the 4-hours chart of the XRP/USD pair.
The pair is now testing the $0.6330 resistance. It is close to the 50% Fib retracement level of the downward move from the $0.8098 swing high to $0.4572 swing low.
The next major resistance is near $0.6500, above which the price might face hurdles near $0.6750 level. It represents the 61.8% Fib retracement level of the downward move from the $0.8098 swing high to $0.4572 swing low.
Any more gains could lead the price towards the $0.7000 level. If there is a fresh decline, the price might find support near the broken trend line or $0.6000. The main support is forming near the $0.5500 level and the 55 simple moving average (4-hours).
Looking at the chart, ripple price is clearly is trading nicely above $0.5500 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $0.6500 and $0.6750 resistance levels.
Technical indicators
4 hours MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Key Support Levels – $0.6000, $0.5800 and $0.5500.
Key Resistance Levels – $0.6500 and $0.6750.
