HomeAltcoin NewsRipple Price Analysis: Key Support Nearby, Approaches Breakout

Ripple Price Analysis: Key Support Nearby, Approaches Breakout

Date:

Related stories

Bitcoin and Altcoins Drop Massively in Value Despite Upward Expectations

Despite news this week of inflation rates lower than...

It’s Not Just Degens, Institutions Love Memecoins Too

In a report released by Bybit on June 4,...

Bitpanda and Deutsche Bank Take their Relationship to the Next Level

Bitpanda, one of the leading European crypto trading and...
spot_imgspot_img
  • Ripple price started a fresh increase above the $0.80 zone against the US dollar.
  • The price is now trading above $0.7500 and the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $0.8200 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to move up if it clears the $0.8200 resistance level.

Ripple price is trading in a bullish zone above $0.7000 against the US Dollar, like bitcoin. XRP price could extend increase if it clears the $0.8200 resistance zone.

Ripple Price Analysis

In the past few days, ripple price gained pace and cleared many hurdles near $0.7000 against the US Dollar. The XRP/USD pair even broke the $0.8000 resistance zone to move into a positive zone.

Finally, there was a spike above the $0.9000 level. A high was formed near $0.9165 before there was a downside correction. There was a break below the $0.8650 and $0.8500 support levels. Besides, there was a move below the 23.6% Fib retracement level of the upward move from the $0.5894 swing low to $0.9165 high.

However, it is now trading above $0.7500 and the 55 simple moving average (4-hours). An immediate resistance is near the $0.8200 level. There is also a major contracting triangle forming with resistance near $0.8200 on the 4-hours chart of the XRP/USD pair.

The next key resistance is near the $0.8500 level. Any more gains could lead the price towards the $0.9200 level. If there is no upside break above $0.8200, the price could continue to move down.

An immediate support on the downside is near the $0.7900 level. The next major support is near the $0.7520 level. It is near the 50% Fib retracement level of the upward move from the $0.5894 swing low to $0.9165 high. Any more losses could lead the price towards the $0.7000 level in the near term.

Ripple Price
Ripple Price

Looking at the chart, ripple price is now trading above $0.7500 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $0.8200 resistance level.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is near the 50 level.

Key Support Levels – $0.7900, $0.7500 and $0.7000.

Key Resistance Levels – $0.8200 and $0.9200.

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.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img