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HomeAltcoin NewsRipple Price Analysis: Bulls Gain Strength Above $0.65

Ripple Price Analysis: Bulls Gain Strength Above $0.65

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  • Ripple price started a fresh increase above the $0.60 zone against the US dollar.
  • The price is now trading above $0.7000 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $0.6680 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to move up if it clears the $0.7250 resistance level.

Ripple price is trading in a bullish zone above $0.6000 against the US Dollar, like bitcoin. XRP price could extend increase if it clears the $0.7250 resistance zone.

Ripple Price Analysis

After a major decline, ripple price found support near the $0.5500 zone against the US Dollar. The XRP/USD pair formed a base and started a steady increase above the $0.6000 resistance zone.

The pair gained pace after it cleared the $0.6200 and $0.6250 levels. Besides, there was a break above a key bearish trend line with resistance near $0.6680 on the 4-hours chart of the XRP/USD pair. The pair even broke the 50% Fib retracement level of the downward move from the $0.8070 swing high to $0.5500 low.

It is now trading above $0.7000 and the 55 simple moving average (4-hours). An immediate resistance is near the $0.7250 level. The next key resistance is near the $0.7450 level.

The 76.4% Fib retracement level of the downward move from the $0.8070 swing high to $0.5500 low is also near the $0.7450 level to act as a resistance. Any more gains could lead the price towards the $0.8200 level. If there is no upside break above $0.7250, the price could correct lower.

An immediate support on the downside is near the $0.7020 level. The next major support is near the $0.6500 level and the broken trend line. Any more losses could lead the price towards the $0.6200 level and the 55 simple moving average (4-hours) in the near term.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading above $0.7000 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $0.7250 resistance level.

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 in the overbought zone.

Key Support Levels – $0.7020, $0.6500 and $0.6200.

Key Resistance Levels – $0.7250 and $0.7450.

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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