- Ripple price gained traction and it rallied above $0.7000 against the US dollar.
- The price is now trading well above the $0.6500 resistance and the 55 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.7000 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to rise if it clears the $0.7500 and $0.7650 resistance levels.
Ripple price is trading in a positive zone above $0.7000 against the US Dollar, similar to bitcoin. XRP price could accelerate higher if it clears the $0.7500 barrier.
Ripple Price Analysis
Recently, there was a fresh increase in ripple price above the $0.6200 resistance against the US Dollar. The XRP/USD pair broke the key $0.6500 resistance zone to move further into a bullish zone.
The price is now trading well above the $0.7000 resistance and the 55 simple moving average (4-hours). It even broke the $0.7500 level and traded as high as $0.7788. It is now correcting lower and trading below the $0.7500 pivot level.
It broke the 23.6% Fib retracement level of the upward move from the $0.6145 swing low to $0.7788 high. It is now consolidating above the $0.7000 support.
There is also a major bullish trend line forming with support near $0.7000 on the 4-hours chart of the XRP/USD pair. The next major support is near the $0.6920 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the upward move from the $0.6145 swing low to $0.7788 high.
Any more losses might call for a move towards the main $0.6500 support zone. On the upside, an initial resistance is near the $0.7400 level. The next major resistance is near the $0.7500 level. To start a fresh rally, the price must clear the $0.7500 resistance. In the stated case, the price could rise towards the $0.8000 level.
Looking at the chart, ripple price is now trading well above the $0.6500 resistance and and the 55 simple moving average (4-hours). Overall, the price could continue to rise if it clears the $0.7500 and $0.7650 resistance levels.
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 now just above the 50 level.
Key Support Levels – $0.7000, $0.6900 and $0.6500.
Key Resistance Levels – $0.7500 and $0.8000.
