Ripple Price Analysis: Chances of a Fresh Rally Above $1
Ripple price is trading in a positive zone above $0.90 against the US Dollar. XRP price is likely to start a major increase above the $1.00 and $1.05 resistance level.
Ripple Price Analysis
Recently, ripple price made a few attempts to gain strength above $1.06 and $1,08 against the US Dollar. The XRP/USD pair failed to gain strength and it started a fresh decline.
There was a break below the $1.00 and $0.950 support levels. The price spiked below the $0.9200 support zone and the 55 simple moving average (4-hours). A low was formed near $0.8955 and the price is now recovering higher.
There was a break above the $0.9200 resistance level. Ripple climbed above the 23.6% Fib retracement level of the downward move from the $1.10 high to $0.8955 low.
It is now trading near the $0.9600 zone and the 55 simple moving average (4-hours). There is also a connecting bullish trend line forming with support near $0.9200 on the 4-hours chart of the XRP/USD pair. On the upside, an immediate resistance is near the $1.00 level.
The 50% Fib retracement level of the downward move from the $1.10 high to $0.8955 low is also near $1.00. A clear upside break above $1.00 could lead the price towards the $1.06 resistance. Any more gains are likely to set the pace for move above $1.10.
If there is no upside break, the price could correct below $0.920. The main support is near $0.90, below which the bears are likely to aim a larger decline.
Looking at the chart, ripple price is clearly trading near $0.9600 and the 55 simple moving average (4-hours). Overall, the price could start a major increase unless there is a clear downside break below $0.9000.
4 hours MACD – The MACD for XRP/USD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is near the 50 level.
Key Support Levels – $0.92, $0.90 and $0.850.
Key Resistance Levels – $1.0 and $1.06.
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