Ripple Price Analysis: Fresh Bullish Breakout Likely Above $0.62

Spread the love
  • Ripple price is consolidating in a range above the key $0.5500 support against the US dollar.
  • The price is facing resistance near the $0.6200 level and the 55 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance near $0.6150 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair is likely to start a strong increase if it clears the $0.6150 and $0.6200 resistance levels.

Ripple price is showing positive signs above $0.5500 against the US Dollar. XRP price is likely to rally again above $0.6200 as long as it is above $0.5500.

Ripple Price Analysis

This past week, there was a rejection in ripple price near the $0.6850 level against the US Dollar. The XRP/USD pair traded as high as $0.6845 and declined below the $0.6500 level.

The price even broke the $0.6000 support level and the 55 simple moving average (4-hours). However, the bulls protected the main $0.5500 support level. A low is formed near $0.5451 and the price is currently rising.

RECOMMENDED READ:  Bitcoin faces yet another rejection as LINK, ZCash stall

There was a break above the $0.5750 level. The price climbed above the 50% Fib retracement level of the downward move from the $0.6845 swing high to $0.5451 swing low. XRP price is now facing resistance near the $0.6200 level and the 55 simple moving average (4-hours).

There is also a major contracting triangle forming with resistance near $0.6150 on the 4-hours chart of the XRP/USD pair. The triangle resistance is close to the 61.8% Fib retracement level of the downward move from the $0.6845 swing high to $0.5451 swing low.

A successful break above the triangle resistance could increase the chances of a fresh rally above the $0.6200 resistance zone. In the stated case, the price could surge towards the $0.6500 and $0.6650 levels.

The next major resistance is near $0.6750, above which the price might face hurdles near $0.6850 level. Conversely, the price could fail to surpass $0.6150 and $0.6200. An initial support on the downside is near $0.5780, below which the price could revisit $0.5500.

Looking at the chart, ripple price is clearly is facing resistance near the $0.6200 level and the 55 simple moving average (4-hours). Overall, the price is likely to start a strong increase if it clears the $0.6150 and $0.6200 resistance levels.

RECOMMENDED READ:  Samsung Adds Support for Blockchain VR Platform Decentraland

Technical indicators

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

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Key Support Levels – $0.6000, $0.5780 and $0.5500.

Key Resistance Levels – $0.6200 and $0.6550.

 120 Interactions,  2 today

READ ALSO:
XRP, Tron, Synthetix Market Analysis for 25th January 2021

XRP developed a bullish reversal trend and was poised to challenge the $0.3 resistance mark over the next few days. Read more

How Ripple ran the most costly blockchain advocacy campaign in 2020.

As far as lobbyist reports are concerned, Ripple Labs has advocated for lobbying reform that aims to improve the regulation Read more

VeChain, XRP, Ethereum Classic Market Analysis for 24th January 2021

In the short term, XRP developed a bullish reversal sequence, but has not yet verified a shift upside down. VeChain Read more

Leave a Reply

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

Contact Us

%d bloggers like this: