HomeAltcoin NewsRipple Price Analysis: Rally Could Resume If It Clears $0.30

Ripple Price Analysis: Rally Could Resume If It Clears $0.30

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 downside correction from the $0.3250 resistance zone against the US dollar.
  • The price corrected lower, but it is holding the main $0.2800 support zone.
  • There is a key declining channel forming with resistance near $0.2990 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair is likely to resume its upward move once it clears the $0.3000 and $0.3020 resistance levels.

Ripple price is trading in a positive zone above $0.2800 against the US Dollar. XRP price is likely to accelerate higher once is re-clears the $0.3000 resistance zone.

Ripple Price Analysis

After a strong rally to $0.3250, ripple price started a downside correction against the US Dollar. The XRP/USD pair broke the $0.3120 support level to enter a short-term bearish zone.

The price even spiked below the $0.3000 level and the 55 simple moving average (4-hours). However, the bulls were able to protect the $0.2800 support zone. A swing low is formed near $0.2800 and the price is slowly moving higher.

It is currently facing hurdles near the $0.2950 level. It is close to the 50% Fib retracement level of the downward move from the $0.3110 swing high to $0.2800 swing low. The 55 simple moving average (4-hours) is also acting as a hurdle near the $0.2950 level.

Moreover, there is a key declining channel forming with resistance near $0.2990 on the 4-hours chart of the XRP/USD pair. The channel resistance is close to the main $0.3000 pivot level.

The channel resistance is also near the 61.8% Fib retracement level of the downward move from the $0.3110 swing high to $0.2800 swing low. A successful break above the channel resistance zone could open the doors for a fresh rally.

The next major resistance is near the $0.3120 level, above which the price might surge higher towards the $0.3200 level. Conversely, the price might struggle to clear $0.2990 or $0.3000. On the downside, the price is likely to find a strong buying interest near the $0.2800 area, below which it could nosedive.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading in a positive zone above the $0.2800 support. Therefore, the price is likely to resume its upward move once it clears the $0.3000 and $0.3020 resistance levels.

Technical indicators

4 hours MACD – The MACD for XRP/USD is slowly moving back into the bullish zone.

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

Key Support Levels – $0.2920, $0.2900 and $0.2800.

Key Resistance Levels – $0.3000 and $0.3120.

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