HomeAltcoin NewsRipple Price Analysis: Fresh Bullish Breakout Likely Above $0.62

Ripple Price Analysis: Fresh Bullish Breakout Likely Above $0.62

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  • Ripple price is consolidating in a range above the key $0.5500 support against the US dollar.
  • The price is facing resistance near the $0.6200 level and the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $0.6150 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair is likely to start a strong increase if it clears the $0.6150 and $0.6200 resistance levels.

Ripple price is showing positive signs above $0.5500 against the US Dollar. XRP price is likely to rally again above $0.6200 as long as it is above $0.5500.

Ripple Price Analysis

This past week, there was a rejection in ripple price near the $0.6850 level against the US Dollar. The XRP/USD pair traded as high as $0.6845 and declined below the $0.6500 level.

The price even broke the $0.6000 support level and the 55 simple moving average (4-hours). However, the bulls protected the main $0.5500 support level. A low is formed near $0.5451 and the price is currently rising.

There was a break above the $0.5750 level. The price climbed above the 50% Fib retracement level of the downward move from the $0.6845 swing high to $0.5451 swing low. XRP price is now facing resistance near the $0.6200 level and the 55 simple moving average (4-hours).

There is also a major contracting triangle forming with resistance near $0.6150 on the 4-hours chart of the XRP/USD pair. The triangle resistance is close to the 61.8% Fib retracement level of the downward move from the $0.6845 swing high to $0.5451 swing low.

A successful break above the triangle resistance could increase the chances of a fresh rally above the $0.6200 resistance zone. In the stated case, the price could surge towards the $0.6500 and $0.6650 levels.

The next major resistance is near $0.6750, above which the price might face hurdles near $0.6850 level. Conversely, the price could fail to surpass $0.6150 and $0.6200. An initial support on the downside is near $0.5780, below which the price could revisit $0.5500.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly is facing resistance near the $0.6200 level and the 55 simple moving average (4-hours). Overall, the price is likely to start a strong increase if it clears the $0.6150 and $0.6200 resistance levels.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Key Support Levels – $0.6000, $0.5780 and $0.5500.

Key Resistance Levels – $0.6200 and $0.6550.

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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