HomeAltcoin NewsRipple Price Analysis: Bulls Aim Fresh Rally To $0.85

Ripple Price Analysis: Bulls Aim Fresh Rally To $0.85

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  • Ripple price started a downside correction from the $0.9450 zone against the US dollar.
  • The price is now trading above $0.650 and the 55 simple moving average (4 hours).
  • There is a key contracting triangle forming with resistance near $0.775 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase above the $0.780 resistance.

Ripple price is consolidating near $0.750 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.70 support to start a fresh increase.

Ripple Price Analysis

This past week, Ripple price started a major rally above the $0.50 resistance. It even rallied toward $1.00 before it saw a downside correction against the US Dollar. The XRP/USD pair declined below the $0.850 level.

There was a drop below the 23.6% Fib retracement level of the upward move from the $0.4681 swing low to the $0.9479 high. However, the price found support near the $0.70 zone. It is now trading above $0.650 and the 55 simple moving average (4 hours).

There is also a key contracting triangle forming with resistance near $0.775 on the 4-hour chart of the XRP/USD pair. The bulls seem to be protecting the 50% Fib retracement level of the upward move from the $0.4681 swing low to the $0.9479 high.

On the upside, the price is facing resistance near $0.775. The next major resistance is near the $0.780 level. A clear move above the $0.780 resistance zone might start a strong increase.

In the stated case, the price could even surpass the $0.80 resistance. Any more gains might send the price toward the $0.850 resistance.

Initial support on the downside is near the $0.7250 level. The next major support is near the $0.70 level. Any more losses could lead the price toward the $0.650 level, below which the price might even test the $0.580 support zone in the near term.

Ripple Price
Ripple Price

Looking at the chart, Ripple’s price is now trading above the $0.65 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.70 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 – $0.472, $0.465, and $0.450.

Key Resistance Levels – $0.495 and $0.50.

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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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