HomeAltcoin NewsRipple Price Analysis: Rallies To $0.70, More Upsides Likely

Ripple Price Analysis: Rallies To $0.70, More Upsides Likely

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  • Ripple price started a strong increase above the $0.5000 and $0.5500 resistance levels against the US dollar.
  • The price is now well above $0.5500 and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $0.6000 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair is likely to surge further above the $0.7000 and $0.7010 resistance levels.

Ripple price is trading in a positive zone above the $0.6000 resistance against the US Dollar. XRP price is likely to gain further once it clears the $0.7000 level.

Ripple Price Analysis

After forming a base above the $0.4500 and $0.4750 support levels, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke many hurdles near $0.5000 and $0.5500 to move into a positive zone.

There was also a close above the $0.5500 level and the 55 simple moving average (4-hours). The price even surged above the $0.6000 level to set a new multi-week high. It extended its rise above the $0.6500 level and traded as high as $0.7007.

It is now consolidating gains and trading well above the $0.6000 level. An initial support is near the $0.6700 level. It is near the 23.6% Fib retracement level of the upward move from the $0.5744 swing low to $0.7007 high.

There is also a key bullish trend line forming with support near $0.6000 on the 4-hours chart of the XRP/USD pair. An intermediate support is near the $0.6380 level. It is close to the 50% Fib retracement level of the upward move from the $0.5744 swing low to $0.7007 high.

Therefore, the price is likely to remain well bid near the $0.6350 and $0.6000 levels in the near term. On the upside, the price is facing resistance near the $0.7000 level.

If there is an upside break above the $0.7000, the price could accelerate further higher. In the stated case, the price could even surge towards the $0.7800 and $0.8000 levels.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading in a positive zone above the $0.5500 zone and the 55 simple moving average (4-hours). Overall, the price is likely to surge further above the $0.7000 and $0.7010 resistance levels.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 60 level.

Key Support Levels – $0.6700, $0.6350 and $0.6000.

Key Resistance Levels – $0.7000 and $0.8000.

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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