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HomeAltcoin NewsRipple Price Analysis: Bulls Eye Upside Break above $0.60

Ripple Price Analysis: Bulls Eye Upside Break above $0.60

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  • Ripple price is showing positive signs above the $0.5000 and $0.5200 resistance levels against the US dollar.
  • The price is now well above $0.5200 and the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $0.5645 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair is likely to surge further above the $0.5850 and $0.6000 resistance levels.

Ripple price is trading in a positive zone above the $0.5200 resistance against the US Dollar. XRP price is likely to gain strength once there is a close above the $0.6000 level.

Ripple Price Analysis

After retesting the $0.4500 and $0.4660 support levels, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke many hurdles near $0.5000 and $0.5050 to move into a positive zone.

There was also a close above the $0.5200 level and the 55 simple moving average (4-hours). The price even spiked above the $0.5500 level and recently traded as high as $0.5759. XRP is now consolidating gains above the $0.5500 support zone.

It tested the 23.6% Fib retracement level of the upward move from the $0.4548 swing low to $0.5759 high. There is also a major contracting triangle forming with resistance near $0.5645 on the 4-hours chart of the XRP/USD pair.

If there is an upside break above the triangle resistance, the pair could test the $0.5950 and $0.6000 resistance levels. A successful daily close above the $0.6000 level could further accelerate gains. In the stated case, the price could even surge towards the $0.6400 and $0.6500 levels.

On the downside, an initial support is near the $0.5300 level and the 55 simple moving average (4-hours). The first major support is near the $0.5150 level.

The 50% Fib retracement level of the upward move from the $0.4548 swing low to $0.5759 high is also near $0.5150. The main support is now forming near the triangle trend line and $0.5000. If there is a downside break below the $0.5000 support, the price could $0.4500.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading in a positive zone above the $0.5200 zone and the 55 simple moving average (4-hours). Overall, the price is likely to surge further above the $0.5850 and $0.6000 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 well above the 50 level.

Key Support Levels – $0.5300, $0.5150 and $0.5000.

Key Resistance Levels – $0.5650 and $0.6000.

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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