- Ripple price started a fresh increase from the $0.78 support zone against the US dollar.
- The price is now trading above $0.90 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.8290 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to move up if there is a clear break above the $0.920 resistance.
Ripple price is gaining pace above $0.900 against the US Dollar, unlike bitcoin. XRP price could extend gains if there is a move above the $0.920 barrier.
Ripple Price Analysis
After forming a base above the $0.7500 level, ripple price started a fresh increase against the US Dollar. The XRP/USD pair cleared the $0.8000 resistance zone to move into a positive zone.
The pair even climbed above the $0.8500 zone and the 55 simple moving average (4-hours). Besides, there was a break above a major bearish trend line with resistance near $0.8290 on the 4-hours chart of the XRP/USD pair.
The pair is now trading above $0.9000 and showing positive signs. It traded as high as $0.9143 and is now consolidating gains. On the downside, an initial support is near the $0.8820 level. It is near the 23.6% Fib retracement level of the upward move from the $0.7762 swing low to $0.9143 high.
The first major support is near the $0.8500 level. It is near the 50% Fib retracement level of the upward move from the $0.7762 swing low to $0.9143 high. Any more losses could lead the price towards the $0.8000 level in the near term.
On the upside, the price is facing resistance near the $0.9200 level. The next key resistance is near the $0.9320 level. A close above the $0.9200 level could increase the chances of a break above the key $0.95 resistance zone. The next major resistance is near the $1.00 level.
Any more gains could lead the price towards the $1.10 level. An intermediate resistance might be near the $1.05 level.
Looking at the chart, ripple price is now trading above $0.90 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if there is a clear break above the $0.920 resistance.
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 50 level.
Key Support Levels – $0.850, $0.820 and $0.800.
Key Resistance Levels – $0.9200 and $0.9500.
