- Ripple price gained traction and it rallied above $1.20 against the US dollar.
- The price is now trading well above the $1.20 resistance and the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $1.25 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to rise as long as it is above the $1.080 support zone.
Ripple price is trading in a positive zone above $1.20 against the US Dollar, similar to bitcoin. XRP price could accelerate further higher if it clears the $1.25 hurdle.
Ripple Price Analysis
Recently, there was a fresh increase in ripple price above the $1.00 resistance against the US Dollar. The XRP/USD pair broke the key $1.10 resistance zone to move further into a bullish zone.
The price even cleared the $1.20 level and it settled above the 55 simple moving average (4-hours). There was a spike above the $1.25 level and the price traded as high as $1.288. It is now consolidating gains above the $1.20 resistance and the 55 simple moving average (4-hours).
There was a dip below the 23.6% Fib retracement level of the upward move from the $1.050 swing low to $1.288 high. However, the bulls were active above the $1.180 support zone.
There is also a major contracting triangle forming with resistance near $1.25 on the 4-hours chart of the XRP/USD pair. The triangle support is close to the 50% Fib retracement level of the upward move from the $1.050 swing low to $1.288 high.
On the upside, an initial resistance is near the $1.25 level. The next major resistance is near the $1.30 level. To start a fresh rally, the price must clear the $1.30 resistance.
In the stated case, the price could rise towards the $1.50 level. On the downside, the triangle support near $1.20 holds a lot of importance. The next major support is near the $1.18 level. Any more losses could lead the price towards the 1.08 level.
Looking at the chart, ripple price is now trading well above the $1.20 resistance and the 55 simple moving average (4-hours). Overall, the price could continue to rise as long as it is above the $1.080 support zone.
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 still above the 50 level.
Key Support Levels – $1.20, $1.18 and $1.08.
Key Resistance Levels – $1.25 and $1.30.
