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HomeAltcoin NewsRipple Price Analysis: Upside Continuation Likely Above $0.25

Ripple Price Analysis: Upside Continuation Likely Above $0.25

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  • Ripple price is recovering nicely above the $0.2400 and $0.2420 resistance levels against the US dollar.
  • The price is now trading nicely above $0.2420 and the 55 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $0.2435 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could continue to rise above the $0.2450 and $0.2500 resistance levels in the near term.

Ripple price is showing positive signs above the $0.2400 level against the US Dollar. XRP price could accelerate higher once it clears the $0.2500 resistance zone.

Ripple Price Analysis

After diving towards the $0.2200 support zone, ripple price started a decent recovery against the US Dollar. The XRP/USD pair traded as low as $0.2191 and recovered above the $0.2300 resistance zone.

The bulls returned in action and pushed the price above the $0.2350 resistance. There was a break above the 50% Fib retracement level of the downward move from the $0.2580 swing high to $0.2191 low.

Moreover, there was a break above a key bearish trend line with resistance near $0.2435 on the 4-hours chart of the XRP/USD pair. The pair is now trading well above the $0.2420 resistance zone and the 55 simple moving average (4-hours).

An initial resistance is near the $0.2488 and $0.2500 levels. The 76.4% Fib retracement level of the downward move from the $0.2580 swing high to $0.2191 low is also near the $0.2488 level.

A successful close above the $0.2500 resistance level may perhaps accelerate the recent increase. The next major resistance is near the $0.2580 level, above which the price may even rise above the $0.2620 resistance.

If there is a downside correction, the broken trend line or $0.2420 might provide support. The main support is now forming near the $0.2400 level and the 55 simple moving average (4-hours). A clear break and close below the $0.2400 support level might increase selling pressure and the price could revisit the $0.2280 level.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading nicely above $0.2420 and the 55 simple moving average (4-hours). Therefore, the price could continue to rise above the $0.2450 and $0.2500 resistance levels in the near term.

Technical indicators

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

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

Key Support Levels – $0.2420, $0.2400 and $0.2350.

Key Resistance Levels – $0.2488 and $0.2500.

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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