HomeAltcoin NewsRipple Price Analysis: Bulls Could Aim For More Upsides

Ripple Price Analysis: Bulls Could Aim For More Upsides

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  • Ripple price started a downside correction from the $0.5350 zone against the US dollar.
  • The price is now trading above $0.5150 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.5160 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase unless there is a close below $0.5150.

Ripple price is consolidating near $0.5220 against the US Dollar, like Bitcoin. XRP price must stay above the $0.5150 support to remain in a bullish zone.

Ripple Price Analysis

This past week, Ripple price saw a decent increase above the $0.500 resistance against the US Dollar. The XRP/USD pair climbed above the $0.5150 resistance to move into a positive zone.

The bulls even pumped the price above the $0.5220 resistance. A high was formed near $0.5382 and the price recently corrected lower. There was a move below the $0.530 and $0.525 levels. The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $0.4971 swing low to the $0.5382 high.

The price is now trading above $0.5150 and the 55 simple moving average (4 hours). It is trading above the 50% Fib retracement level of the upward move from the $0.4971 swing low to the $0.5382 high.

On the upside, the price is facing resistance near $0.535. The next major resistance is near the $0.5550 level. A close above the $0.5550 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.5800 resistance. Any more gains might send the price toward the $0.600 resistance.

Initial support on the downside is near the $0.5160 level. The next major support is near the $0.5150 level. There is also a key bullish trend line forming with support near $0.5160 on the 4-hour chart of the XRP/USD pair. Any more losses could lead the price toward the $0.500 level, below which the price might even test $0.4720.

Ripple Price
Ripple Price

Looking at the chart, Ripple’s price is now trading above the $0.5160 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase unless there is a close below $0.5150.

Technical indicators

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

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

Key Support Levels – $0.5160, $0.5150, and $0.500.

Key Resistance Levels – $0.5350 and $0.5550.

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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