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HomeAltcoin NewsRipple Price Analysis: Key Support Nearby At $0.67

Ripple Price Analysis: Key Support Nearby At $0.67

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  • Ripple price started an upside correction above the $0.6500 resistance against the US dollar.
  • The price is now trading nicely above $0.6500 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.6700 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could start a major increase if it stays above the main $0.6500 support zone.

Ripple price is slowly recovering above $0.6500 against the US Dollar. XRP price could continue to rise towards $0.7500 if the bulls remain in action above $0.6500.

Ripple Price Analysis

After forming a base above the $0.6000 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke the $0.6200 pivot level to move into a positive zone.

There was a break above the $0.6500 barrier and the 55 simple moving average (4-hours). The pair traded above the $0.7000 resistance. A high was formed near $0.7326 before the pair started a downside correction. There was a break below the $0.7000 support zone.

The price declined below the 23.6% Fib retracement level of the upward move from the $0.5142 swing low to $0.7326 high. However, the price is trading nicely above $0.6500 and the 55 simple moving average (4-hours).

There is also a key bullish trend line forming with support near $0.6700 on the 4-hours chart of the XRP/USD pair. If there is a downside break, the price could test the $0.6200 support. If it close to the 50% Fib retracement level of the upward move from the $0.5142 swing low to $0.7326 high.

Any more losses might call for a test of the $0.6000 level. On the upside, the first key resistance is near the $0.7000 level. The next key resistance is near the $0.7350 level.

A break above $0.7000 and $0.7350 could open the doors for a move towards $0.8000.  The next major resistance could be near $0.8800.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading above $0.6500 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if it stays above the main $0.6500 support zone.

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 now close to the 50 level.

Key Support Levels – $0.65, $0.62 and $0.60.

Key Resistance Levels – $0.70 and $0.735.

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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