- 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.
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.
