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HomeAltcoin NewsRipple Price Analysis: Fresh Rally Possible Above $0.52

Ripple Price Analysis: Fresh Rally Possible Above $0.52

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  • Ripple price started a downside correction from the $0.5850 zone against the US dollar.
  • The price is now trading below $0.512 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.5080 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a major increase above the $0.5120 resistance.

Ripple price is consolidating near $0.500 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.4820 support to remain in a bullish zone.

Ripple Price Analysis

This past month, Ripple price saw a strong increase above the $0.4850 resistance against the US Dollar. The XRP/USD pair even climbed above the $0.50 resistance to move into a positive zone.

There was a steady increase and the price climbed toward the $0.60 resistance. A high was formed near $0.5847 and the price recently corrected lower. There was a move below the $0.550 and $0.520 levels. It tested the $0.4820 zone.

A low is formed near $0.4822 and the price is now consolidating. XRP price is now trading below $0.512 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.5080.

There is also a key bearish trend line forming with resistance near $0.5080 on the 4-hours chart of the XRP/USD pair. The trend line is near the 23.6% Fib retracement level of the downward move from the $0.5847 swing high to the $0.4822 low.

The next major resistance is near the $0.5120 level. A clear move above the $0.5120 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.5320 resistance.

Any more gains might send the price towards the $0.5500 resistance or the 61.8% Fib retracement level of the downward move from the $0.5847 swing high to the $0.4822 low.

Initial support on the downside is near the $0.4950 level. The next major support is near the $0.482 level. Any more losses could lead the price toward the $0.4650 level, below which the price might even test $0.4500.

Ripple Price
Ripple Price

Looking at the chart, Ripple’s price is now trading below the $0.512 zone and the 55 simple moving average (4 hours). Overall, the price could start a major increase above the $0.5120 resistance.

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 below the 50 level.

Key Support Levels – $0.4950, $0.482, and $0.465.

Key Resistance Levels – $0.5080 and $0.5120.

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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