HomeAltcoin NewsRipple Price Analysis: Bulls Aim Larger Increase above $0.65

Ripple Price Analysis: Bulls Aim Larger Increase above $0.65

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  • Ripple price started an upside correction above the $0.6200 resistance against the US dollar.
  • The price is now trading near the $0.6500 resistance and the 55 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.6600 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could start a major increase if it clears the $0.6500 and $0.6600 resistance levels.

Ripple price is slowly recovering above $0.6200 against the US Dollar. XRP price could continue to rise towards $0.7000 if the bulls are able to clear $0.6500.

Ripple Price Analysis

Recently, there was a fresh dip in ripple price below the $0.6200 support against the US Dollar. The XRP/USD pair even spiked below the $0.6000 support zone.

A low was formed near $0.5939 before the price started a fresh increase. The price recovered nicely above the $0.6200 resistance zone. There was a break above the 23.6% Fib retracement level of the recent decline from the $0.7078 high to $0.5939 low.

The price is now trading near the $0.6500 resistance and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the recent decline from the $0.7078 high to $0.5939 low.

There is also a key bearish trend line forming with resistance near $0.6600 on the 4-hours chart of the XRP/USD pair. Therefore, ripple price must clear the $0.6500 and $0.6600 resistance levels to start a steady increase in the coming sessions.

The next major resistance could be near $0.7000. On the downside, the first major support is near the $0.6200 level. If there is a clear break below the $0.6200 level, the price could see an increase in selling pressure. In the stated case, the price is likely to decline towards the $0.6000 level. Any more losses might call for a drop towards the $0.5750 support zone.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly facing hurdles near $0.6500 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if it clears the $0.6500 and $0.6600 resistance levels.

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 now above the 50 level.

Key Support Levels – $0.62, $0.60 and $0.575.

Key Resistance Levels – $0.65 and $0.70.

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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