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HomeAltcoin NewsRipple Price Analysis: Fresh Increase above $0.65 Seems Likely

Ripple Price Analysis: Fresh Increase above $0.65 Seems Likely

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  • Ripple price remained well supported near the $0.4500 and $0.4750 levels against the US dollar.
  • The price is trading nicely above $0.6000 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $0.6180 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair is likely to continue higher above the $0.6500 and $0.6750 resistance levels.

Ripple price is rising and trading above key supports at $0.5800 against the US Dollar. XRP price could even retest the $0.7000 zone if it clears the $0.6500 resistance.

Ripple Price Analysis

This past week, there was a major downside correction from well above $0.6500 in ripple price against the US Dollar. The XRP/USD pair broke the $0.6000 support zone to move into a short-term bearish zone.

The decline gained pace below $0.5500 and $0.5200. There was also a spike below the $0.4750 support level and the 55 simple moving average (4-hours). A low was formed near $0.4572 before the price started a fresh upward move.

There was a steady rise above the $0.5000 and $0.5200 levels. The price even cleared the $0.5500 resistance and settled above the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $0.6180 on the 4-hours chart of the XRP/USD pair.

The pair is now testing the $0.6330 resistance. It is close to the 50% Fib retracement level of the downward move from the $0.8098 swing high to $0.4572 swing low.

The next major resistance is near $0.6500, above which the price might face hurdles near $0.6750 level. It represents the 61.8% Fib retracement level of the downward move from the $0.8098 swing high to $0.4572 swing low.

Any more gains could lead the price towards the $0.7000 level. If there is a fresh decline, the price might find support near the broken trend line or $0.6000. The main support is forming near the $0.5500 level and the 55 simple moving average (4-hours).

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly is trading nicely above $0.5500 and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher above the $0.6500 and $0.6750 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 well above the 50 level.

Key Support Levels – $0.6000, $0.5800 and $0.5500.

Key Resistance Levels – $0.6500 and $0.6750.

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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