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HomeAltcoin NewsRipple Price Analysis: Bulls Aim Fresh Rally To $0.55

Ripple Price Analysis: Bulls Aim Fresh Rally To $0.55

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  • Ripple price started a downside correction from the $0.5650 zone against the US dollar.
  • The price is now trading below $0.500 and the 55 simple moving average (4 hours).
  • There is a short-term rising channel forming with resistance near $0.500 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase above the $0.500 resistance.

Ripple price is consolidating near $0.488 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.4820 support to start a fresh increase.

Ripple Price Analysis

This past week, Ripple price saw a strong increase above the $0.520 resistance against the US Dollar. The XRP/USD pair even climbed above the $0.545 resistance to move into a positive zone.

There was a steady increase and the price climbed toward the $0.550 resistance. A high was formed near $0.5650 and the price recently corrected lower. There was a move below the $0.525 and $0.500 levels. It tested the $0.4550 zone.

A low is formed near $0.4550 and the price is now moving higher. It broke the $0.465 resistance zone. There was a move above the 23.6% Fib retracement level of the downward move from the $0.5650 swing high to the $0.4550 low.

XRP price is now trading below $0.50 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.500. There is also a short-term rising channel forming with resistance near $0.500 on the 4-hours chart of the XRP/USD pair.

The next major resistance is near the $0.510 level or the 50% Fib retracement level of the downward move from the $0.5650 swing high to the $0.4550 low. A clear move above the $0.510 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.540 resistance.

Any more gains might send the price toward the $0.5650 resistance. Initial support on the downside is near the $0.4820 level. The next major support is near the $0.475 level. Any more losses could lead the price toward the $0.4550 level, below which the price might even test $0.420.

Ripple Price
Ripple Price

Looking at the chart, Ripple’s price is now trading below the $0.50 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.500 resistance.

Technical indicators

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

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

Key Support Levels – $0.482, $0.465, and $0.455.

Key Resistance Levels – $0.500 and $0.510.

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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