HomeAltcoin NewsRipple Price Analysis: Approaching Next Key Break, $1.50 Holds The Key

Ripple Price Analysis: Approaching Next Key Break, $1.50 Holds The Key

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  • Ripple price started a steady increase and it tested the $1.75 resistance against the US dollar.
  • The price is now consolidating above $1.50 and close to the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $1.58 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could start a major increase if there is a clear break above $1.58 and $1.60.

Ripple price is struggling to stay above the $1.50 support against the US Dollar. XRP price is likely to accelerate higher if there is a close above $1.60.

Ripple Price Analysis

After forming a base above $1.350, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke the $1.50 and $1.60 resistance levels to move back into a positive zone.

It even spiked above the $1.70 level and settled above the 55 simple moving average (4-hours). A high was formed near $1.76 before the price started a downside correction. There was a break below the $1.65 and $1.60 support levels.

The price cleared the 23.6% Fib retracement level of the upward move from the $1.328 swing low the $1.760 high. It is now consolidating above $1.50 and close to the 55 simple moving average (4-hours).

It seems to be stuck near the 50% Fib retracement level of the upward move from the $1.328 swing low the $1.760 high. There is also a major bearish trend line forming with resistance near $1.58 on the 4-hours chart of the XRP/USD pair.

If there is an upside break above the trend line resistance and $1.60, the price could start a fresh increase. An immediate barrier could be $1.70, above which the bulls might aim a break above the $1.75 resistance zone in the near term.

Conversely, the price might correct further lower below $1.52. An initial support is near the $1.50 zone. A downside break below the $1.50 support may possibly call for a drop towards the $1.35 support zone.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly consolidating above $1.50 and close to the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above $1.58 and $1.60.

Technical indicators

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

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

Key Support Levels – $1.50, $1.40 and $1.35.

Key Resistance Levels – $1.60 and $1.75.

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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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