Ripple started a fresh increase above the $0.6000 resistance level against the US Dollar, similar to bitcoin and ETH. XRP price is likely to continue higher towards $0.7000 and $0.7200.
- Ripple started a fresh increase above the $0.5800 and $0.6000 resistance levels against the US dollar.
- The price is now trading well above $0.6250 and the 100 simple moving average (4-hours).
- There was a break above a major contracting triangle with resistance at $0.6200 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is showing positive signs and it might continue to rise towards $0.7000 or even $0.7200.
Ripple’s XRP Price Could Rally Again
After a sharp downside correction, ripple’s XRP price found support near $0.4500 level. The price started a fresh increase and recovered above the $0.5000 and $0.5200 resistance levels.
Bitcoin and Ethereum gained pace in the last 2-3 days, resulting in an upside break in XRP above $0.5800. The price even climbed above the $0.6000 resistance level. The bulls pushed the price above the 50% Fib retracement level of the downside correction from the $0.7887 high to $0.4504 swing low.
There was also a break above a major contracting triangle with resistance at $0.6200 on the 4-hours chart of the XRP/USD pair. The pair is now trading well above $0.6250 and the 100 simple moving average (4-hours).
Source: XRPUSD on TradingView.com
It seems like the price is struggling to gain momentum above the $0.6600 level or the 61.8% Fib retracement level of the downside correction from the $0.7887 high to $0.4504 swing low. A clear break above the $0.6600 and $0.6650 levels might call for a move towards the $0.7000 resistance. The next key resistance sits at $0.7200, where the bulls might take a stand.
Downsides Limited in XRP?
If ripple fails to surpass the $0.6600 resistance, there could be a downside correction. An initial support on the downside is near the $0.6200 level.
The first major support is now forming near the $0.6000 level. Any more losses could lead the price towards the $0.5500 support level in the coming sessions. An intermediate support is near the $0.5850.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 60 level.
Major Support Levels – $0.6200, $0.6000 and $0.5500.
Major Resistance Levels – $0.6600, $0.6800 and $0.7000.