HomeAltcoin NewsRipple Price Analysis: Bulls Eyeing Crucial Upside Break

Ripple Price Analysis: Bulls Eyeing Crucial Upside Break

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  • Ripple price is currently trading nicely above the $0.1680 support area against the US dollar.
  • The price is facing a major resistance near the $0.1875 level.
  • There is a crucial bullish trend line forming with support near $0.1772 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could start a strong upward move if it breaks the $0.1875 resistance area.

Ripple price is showing a few bullish signs above $0.1680 against the US Dollar. XRP price is likely to continue higher towards $0.2000 or $0.2050 as long as it is above $0.1680.

Ripple Price Analysis

This past week, there was a decent upward move in ripple price above the $0.1680 resistance level against the US Dollar. XRP/USD even traded above the $0.1800 resistance level and the 55 simple moving average (4-hours).

However, the price failed to gain strength above the $0.1875 zone. There were two attempts by the bulls in the past few days to clear the $0.1875 resistance, but they failed.

The recent swing high was formed near $0.1873 before the price corrected lower. There was a break below the $0.1820 and $0.1800 levels. Ripple price also declined below the 50% Fib retracement level of the upward move from the $0.1680 low to $0.1873 high.

The decline was well protected by the $0.1750 and $0.1740 support levels. The 55 simple moving average (4-hours) also acted as a strong support above $0.1750.

There is also a crucial bullish trend line forming with support near $0.1772 on the 4-hours chart of the XRP/USD pair. The pair is currently well bid above the 61.8% Fib retracement level of the upward move from the $0.1680 low to $0.1873 high.

If there is a downside break below the trend line and $0.1770, there are chances of more losses towards the $0.1680 swing low. Any further losses may perhaps lead ripple price back towards the $0.1550 support area.

On the upside, the price is facing a major hurdle near the $0.1875 level. A clear break above the $0.1875 zone could set the pace for a push towards the $0.2000 and $0.2050 levels in the near term.

Ripple Price
Ripple Price

Looking at the chart, ripple price is showing a few bullish signs above the $0.1720 level. Therefore, the bulls are likely to aim a strong bullish break above the $0.1875 and $0.1900 levels.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently rising towards the 65 level.

Key Support Levels – $0.1770, $0.1720 and $0.1680.

Key Resistance Levels – $0.1875 and $0.2000.

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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