HomeAltcoin NewsRipple Price Analysis: Bulls Remains Active Near $0.64

Ripple Price Analysis: Bulls Remains Active Near $0.64

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  • Ripple price started a downside correction from the $0.7320 zone against the US dollar.
  • The price is now trading below $0.6650 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.6600 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 $0.6200.

Ripple price is consolidating near $0.640 against the US Dollar, like Bitcoin. XRP price must stay above the $0.620 support to remain in a bullish zone.

Ripple Price Analysis

This past week, Ripple price saw a decent increase above the $0.620 resistance against the US Dollar. The XRP/USD pair climbed above the $0.650 resistance to move into a positive zone.

The bulls even pumped the price above the $0.700 resistance. A high was formed near $0.7329 and the price recently corrected lower. There was a move below the $0.700 and $0.685 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $0.5866 swing low to the $0.7329 high.

The price is now trading below $0.650 and the 55 simple moving average (4 hours). It is trading above the 61% Fib retracement level of the upward move from the $0.5866 swing low to the $0.7329 high.

On the upside, the price is facing resistance near $0.660. There is also a key bearish trend line forming with resistance near $0.6600 on the 4-hour chart of the XRP/USD pair. The next major resistance is near the $0.6850 level.

A close above the $0.6850 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.7200 resistance. Any more gains might send the price toward the $0.750 resistance.

Initial support on the downside is near the $0.632 level. The next major support is near the $0.620 level. Any more losses could lead the price toward the $0.585 level, below which the price might even test $0.550.

Ripple Price
Ripple Price

Looking at the chart, Ripple’s price is now trading below the $0.650 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase unless there is a close below $0.6200.

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 below the 50 level.

Key Support Levels – $0.6400, $0.6200, and $0.5850.

Key Resistance Levels – $0.6600 and $0.7000.

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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