Ripple started a fresh rally above the $0.6000 resistance zone against the US Dollar. XRP price even broke $0.7000 and it seems like there are high chances of more upsides.
- Ripple gained strength after it broke the $0.5500 and $0.6000 resistance levels against the US dollar.
- The price is now trading nicely above $0.6500 and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.6100 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could dip in the short-term, but the bulls are likely to remain active above $0.6000.
Ripple’s XRP Price Rallies To New Multi-Week High
This week, ripple’s XRP started a strong increase above $0.6000, while bitcoin and ethereum remained in a range. Earlier, XRP formed a support base above $0.5000 before surging above the $0.6000 resistance.
It broke many hurdles near $0.5500 and $0.6000. The bulls even pumped the price above the $0.7000 level. A new multi-week high was formed near $0.7254. The price is now trading nicely above $0.6500 and the 100 simple moving average (4-hours).
An initial support is near the $0.6880 level. It is near the 23.6% Fib retracement level of the upward move from the $0.5687 low to $0.7254 high. The next key support is near the $0.6400 level.
The 50% Fib retracement level of the upward move from the $0.5687 low to $0.7254 high is also near $0.6400. There is also a major bullish trend line forming with support near $0.6100 on the 4-hours chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
On the upside, the $0.7250 level is an immediate resistance. The next major resistance is near the $0.7500 level. A successful close above the $0.7500 level is likely to set the pace for more gains in the coming sessions. In the stated case, the bulls might aim a test of $0.8000.
Dips Limited Drop in XRP?
If ripple fails to clear the $0.7250 resistance or $0.7500, it could start a fresh downside. An initial support on the downside is near the $0.6400 level.
The first major support is near the $0.6100 level and the trend line. The main support is near the $0.6000 level, below which the price is likely to test the 100 simple moving average (4-hours).
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 60 level.
Major Support Levels – $0.6880, $0.6400 and $0.6100.
Major Resistance Levels – $0.7250, $0.7500 and $0.8000.
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Author: Aayush Jindal