HomeAltcoin NewsRipple Price Analysis: Fresh Rally Possible Above $0.54

Ripple Price Analysis: Fresh Rally Possible Above $0.54

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  • Ripple price started a downside correction from the $0.5450 zone against the US dollar.
  • The price is now trading below $0.520 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance near $0.530 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a major increase above the $0.530 resistance.

Ripple price is consolidating near $0.520 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.4850 support to remain in a bullish zone.

Ripple Price Analysis

In recent days, Ripple price saw a strong increase above the $0.500 resistance against the US Dollar. The XRP/USD pair even climbed above the $0.52 resistance to move into a positive zone.

There was a steady increase and the price climbed toward the $0.532 resistance. A high was formed near $0.5411 and the price recently corrected lower. There was a move below the $0.520 and $0.500 levels. It tested the $0.4750 zone.

A low is formed near $0.4752 and the price is now rising. It broke the $0.50 resistance zone. There was a move above the 50% Fib retracement level of the downward move from the $0.5411 swing high to the $0.4752 low. XRP price is now trading below $0.52 and the 55 simple moving average (4 hours).

On the upside, the price is facing resistance near $0.520 or the 76.4% Fib retracement level of the downward move from the $0.5411 swing high to the $0.4752 low. There is also a key bearish trend line forming with resistance near $0.530 on the 4-hours chart of the XRP/USD pair.

The next major resistance is near the $0.540 level. A clear move above the $0.540 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.550 resistance.

Any more gains might send the price toward the $0.5800 resistance. Initial support on the downside is near the $0.5010 level. The next major support is near the $0.485 level. Any more losses could lead the price toward the $0.4750 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 $0.52 zone and the 55 simple moving average (4 hours). Overall, the price could start a major increase above the $0.530 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 above the 50 level.

Key Support Levels – $0.5010, $0.485, and $0.475.

Key Resistance Levels – $0.530 and $0.540.

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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