HomeAltcoin NewsRipple Price Analysis: Bulls Eye Fresh Rally Above $1.20

Ripple Price Analysis: Bulls Eye Fresh Rally Above $1.20

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  • Ripple price declined heavily from well above the $1.800 level against the US dollar.
  • The price is now trading below the $1.20 support and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $1.155 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could start a major increase if there is a clear break above $1.155 and $1.160.

Ripple price is attempting a recovery from $0.885 against the US Dollar. XRP price is likely to accelerate higher if there is a close above $1.200.

Ripple Price Analysis

After a sharp increase, ripple price failed to clear the $2.00 resistance zone against the US Dollar. The XRP/USD pair started a fresh decline and it traded below the $1.65 and $1.50 support levels.

The price even broke the $1.250 support zone and the 55 simple moving average (4-hours). There was even a spike below the $1.00 support and the price traded as low as $0.8833. It is now recovering higher and trading above the $1.00 resistance zone.

There was a break above the 23.6% Fib retracement level of the recent decline from the $1.4247 swing high to $0.8833 low. The price is now facing resistance near the $1.150 zone.

There is also a major bearish trend line forming with resistance near $1.155 on the 4-hours chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the recent decline from the $1.4247 swing high to $0.8833 low.

A clear upside break above the trend line resistance could start a decent increase towards the $1.20 level. The next major resistance is near the $1.30 level and the 55 simple moving average (4-hours).

A successful close above the trend line resistance and $1.30 could set the stage for a fresh rally towards the $1.50 and $1.60 levels. On the downside, the price could find a strong support near $1.00, below which the price might slide towards the $0.85 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly facing hurdles near the 55 simple moving average (4-hours) and $1.150. Overall, the price could start a major increase if there is a clear break above $1.155 and $1.160.

Technical indicators

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

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

Key Support Levels – $1.050, $1.000 and $0.880.

Key Resistance Levels – $1.150 and $1.300.

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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