HomeAltcoin NewsRipple Price Analysis: Early Signs of Key Upside Break Above $0.25

Ripple Price Analysis: Early Signs of Key Upside Break Above $0.25

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  • Ripple price is gaining pace above the $0.2400 and $0.2450 resistance levels against the US dollar.
  • The price is now trading nicely above $0.2450 and the 55 simple moving average (4-hours).
  • There was a break above a major contracting triangle with resistance near $0.2415 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could gain bullish momentum if it manages to clear the $0.2550 resistance zone.

Ripple price is trading with a bullish bias above $0.2420 against the US Dollar. XRP price is likely to continue higher if it clears the $0.2550 resistance zone.

Ripple Price Analysis

After a few failed attempts near $0.2450, ripple price started a downside correction against the US Dollar. The XRP/USD pair broke the $0.2350 support level, but it managed to stay above the $0.2300 support.

A low is formed near $0.2290 and the price started a fresh increase. It gained pace and surged above the $0.2320 and $0.2350 resistance levels. Moreover, there was a break above a major contracting triangle with resistance near $0.2415 on the 4-hours chart of the XRP/USD pair.

The pair is now trading nicely above $0.2450 and the 55 simple moving average (4-hours). It spiked towards the $0.2550 resistance and traded as high as $0.2544.

Ripple is currently correcting lower and trading near the $0.2500 support. It is close to the 23.6% Fib retracement level of the upward move from the $0.2290 low to $0.2544 high. On the downside, the previous resistance near the $0.2450 level is likely to act as a strong support.

The next key support is near the broken triangle resistance, and the 50% Fib retracement level of the upward move from the $0.2290 low to $0.2544 high. The 55 simple moving average (4-hours) is also near the $0.2400 level.

On the upside, the price is facing a major hurdle near the $0.2550 level. A successful close above the $0.2550 resistance level may perhaps accelerate the recent increase. The next major resistance is near the $0.2620 level, above which the price may even test the $0.2750 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading nicely above $0.2450 and the 55 simple moving average (4-hours). Therefore, the price could gain bullish momentum if it manages to clear the $0.2550 resistance zone.

Technical indicators

4 hours MACD – The MACD for XRP/USD is showing positive signs in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 60 level.

Key Support Levels – $0.2450, $0.2400 and $0.2350.

Key Resistance Levels – $0.2540 and $0.2550.

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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