News

Ripple rallied significantly above $0.6000 and $0.7000 before correcting lower against the US Dollar. XRP price is now consolidating above $0.6200 and eyeing the next crucial break.

  • Ripple started a strong rally after it settled above the $0.3000 resistance against the US dollar.
  • The price tested the $0.7500 resistance and settled well above the 100 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $0.7000 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh rally once it clears the $0.7000 resistance zone.

Ripple’s XRP Price Holding Key Support

In the last technical analysis, we discussed the chances of massive rally in ripple’s XRP price towards $0.7500. The price did follow a strong bullish path above $0.5000 and $0.6000.

It broke many hurdles near $0.7000 and settled well above the 100 simple moving average (4-hours). Finally, the price tested the stated $0.7500 resistance zone. A new multi-month high was formed near $0.7870 before the price started a downside correction.

XRP price corrected lower sharply below $0.7000 and $0.6500. It even tested the $0.6000 support level, but remained well above the 100 simple moving average (4-hours). A swing low is formed near $0.5662 before the price climbed back to $0.7547.

It is currently consolidating in a broad range below the $0.7000 level. There was a break below the 50% Fib retracement level of the upward move from the $0.5662 swing low to $0.7547 swing high.

Source: XRPUSD on TradingView.com

It seems like there is a major contracting triangle forming with resistance near $0.7000 on the 4-hours chart of the XRP/USD pair. The triangle support is close to the 61.8% Fib retracement level of the upward move from the $0.5662 swing low to $0.7547 swing high.

If there is a clear break below the triangle support, XRP could revisit the $0.6000 support. Any more losses could increase the chances of a break towards the $0.5200 level.

Fresh Rally in XRP?

If ripple stays above the triangle support, it could attempt an upside break above the $0.6800 and $0.7000 resistance levels.

A clear break above the triangle resistance is likely to open the doors for a fresh rally towards the $0.7500 and $0.7650 resistance levels.

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 correcting lower towards the 60 level.

Major Support Levels – $0.6350, $0.6200 and $0.6000.

Major Resistance Levels – $0.6800, $0.7000 and $0.7500.

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
WhatsApp Updates Privacy Policy Integrating More With Facebook
Polkadot gains 75% in one week — But can DOT price reach $20 next?
ETH-plosion Incoming?
British financial advisor calls on the gov’t to ban crypto transactions
Bitcoin thermocap metric shows BTC price is still in the ‘low end’ of bull cycle

Leave a Reply

Your email address will not be published. Required fields are marked *