HomeAltcoin NewsRipple Price Analysis: Fresh Surge Likely Above $0.58

Ripple Price Analysis: Fresh Surge Likely Above $0.58

-

  • Ripple price is struggling to clear the $0.5800 and $0.6000 resistance levels against the US dollar.
  • The price is holding the key $0.5350 support and the 55 simple moving average (4-hours).
  • There is a key declining channel forming with resistance near $0.5780 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could start a fresh increase if there is a clear break above $0.5780 and $0.5800.

Ripple price is showing bullish signs above $0.5350 against the US Dollar. XRP price could start a strong surge if there is a clear break above the $0.5800 zone.

Ripple Price Analysis

This past week, there were mostly bullish moves above $0.5200 in ripple price against the US Dollar. The XRP/USD pair gained bullish momentum after it broke the $0.5500 resistance level.

There was also a break above the $0.6000 resistance and a close above the 55 simple moving average (4-hours). A new weekly high was formed near $0.6594 before the price started a downside correction. There was a break below the $0.6000 and $0.5800 support levels.

The price even spiked below the 50% Fib retracement level of the upward move from the $0.4407 low to $0.6594 high. However, ripple is finding a strong buying interest near the $0.5350 level and the 55 simple moving average (4-hours).

The 61.8% Fib retracement level of the upward move from the $0.4407 low to $0.6594 high is also acting as a strong support near the $0.5250 level. Moreover, there is a key declining channel forming with resistance near $0.5780 on the 4-hours chart of the XRP/USD pair.

A clear break above the $0.5780 and $0.5800 resistance levels might open the doors for a fresh surge. In the stated case, the price could easily rally above $0.6000 and $0.6200.

Conversely, the price could fail to surpass $0.5780 and $0.5800. The main support on the downside is near the $0.5350 level. The price might decline heavily if there is a clear break below $0.5350 and $0.5250.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading nicely above $0.5350 and the 55 SMA (H4). Overall, the price could start a fresh increase if there is a clear break above $0.5780 and $0.5800.

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 close to the 50 level.

Key Support Levels – $0.5350, $0.5250 and $0.4400.

Key Resistance Levels – $0.5800 and $0.6200.

FOLLOW US

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.

Upcoming Events

Most Popular