HomeAltcoin NewsRipple Price Analysis: Upsurge is Far From Over, $0.50 Next?

Ripple Price Analysis: Upsurge is Far From Over, $0.50 Next?

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  • Ripple price started a strong increase above the $0.3000 and $0.3550 resistance levels against the US dollar.
  • The price gained over 40% in the past few days and settled above the 55 simple moving average (4-hours).
  • There is a key bullish continuation pattern forming with resistance near $0.4740 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair is likely to start another surge if it clears the $0.4750 and $0.4800 resistance levels.

Ripple price is trading in a nice uptrend above $0.4000 against the US Dollar. XRP price is showing signs of more upsides above the $0.4750 and $0.4800 levels.

Ripple Price Analysis

This past week, there was a strong upward move in ripple price above the $0.3000 resistance against the US Dollar. The XRP/USD pair broke the $0.3500 resistance zone to start a massive rally.

The bulls gained strength, resulting in a 40%+ surge. The price broke many hurdles near $0.4000 and $0.4500. It even spiked above $0.4500 and settled well above the 55 simple moving average (4-hours). A new multi-month high was formed near $0.4920 before the price corrected lower.

There was a break below the $0.4800 and $0.4650 levels. However, the price found support near $0.4050 and it is currently rising. The recent high was formed near $0.4824 before the price corrected below $0.4750.

There was a break below the 50% Fib retracement level of the upward move from the $0.4065 swing low to $0.4824 high. On the downside, the price is finding bids near the $0.4400 level. There is also a key bullish continuation pattern forming with resistance near $0.4740 on the 4-hours chart of the XRP/USD pair.

The triangle support is close the 61.8% Fib retracement level of the upward move from the $0.4065 swing low to $0.4824 high. On the upside, ripple price is facing hurdles near $0.4750 and $0.4800.

A successful break above the $0.4800 level could lead the price towards the $0.5000 resistance. The next key resistance on the upside is near the $0.5200 level. Conversely, the price could break the triangle support and then $0.4350 to correct lower.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly is holding gains above $0.4000 and the 55 simple moving average (4-hours). Overall, the price is likely to start another surge if it clears the $0.4750 and $0.4800 resistance levels.

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD corrected lower and it is near the 70 level.

Key Support Levels – $0.4450, $0.4350 and $0.4050.

Key Resistance Levels – $0.4750 and $0.5000.

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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