- Ripple price declined below $1.25 and tested the $1.165 support against the US dollar.
- The price is now trading near $1.21 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $1.175 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to move up if there is a clear break above $1.235.
Ripple price is slowly rising above $1.20 against the US Dollar, unlike bitcoin. XRP price must clear $1.24 for another increase in the near term.
Ripple Price Analysis
After a strong rally, the price faced resistance near the $1.350 resistance against the US Dollar. The XRP/USD pair started a fresh decline from the $1.35 resistance and traded below $1.30.
The pair even traded below the $.125 support and the 55 simple moving average (4-hours). Finally, there was a spike below $1.20 level. A low was formed near $1.121 and the price is now rising. There was a break above the $1.16 and $1.18 resistance levels.
The price climbed above the 23.6% Fib retracement level of the recent decline from the $1.348 swing high to $1.121 low. It is now trading near $1.21 and the 55 simple moving average (4-hours).
On the upside, an initial hurdle is near the $1.220 level. The next key resistance is near the $1.235 level. It is close to the 50% Fib retracement level of the recent decline from the $1.348 swing high to $1.121 low. A close above the $1.35 level might push the price towards $1.25.
Any more gains could lead the price towards the $1.30 level. On the downside, the first major support is near the $1.20 level. The next major support is near the $1.18 level.
There is also a key bullish trend line forming with support near $1.175 on the 4-hours chart of the XRP/USD pair. Any more losses could lead the price towards the $1.12 level in the near term.
Looking at the chart, ripple price is now trading near $1.21 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if there is a clear break above $1.24.
Technical indicators
4 hours MACD – The MACD for XRP/USD is slowly 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 – $1.20, $1.18 and $1.12.
Key Resistance Levels – $1.235 and $1.30.
