Ripple price is showing bullish signs above $0.5350 against the US Dollar. XRP price could start a strong surge if there is a clear break above the $0.5800 zone.
Ripple Price Analysis
This past week, there were mostly bullish moves above $0.5200 in ripple price against the US Dollar. The XRP/USD pair gained bullish momentum after it broke the $0.5500 resistance level.
There was also a break above the $0.6000 resistance and a close above the 55 simple moving average (4-hours). A new weekly high was formed near $0.6594 before the price started a downside correction. There was a break below the $0.6000 and $0.5800 support levels.
The price even spiked below the 50% Fib retracement level of the upward move from the $0.4407 low to $0.6594 high. However, ripple is finding a strong buying interest near the $0.5350 level and the 55 simple moving average (4-hours).
The 61.8% Fib retracement level of the upward move from the $0.4407 low to $0.6594 high is also acting as a strong support near the $0.5250 level. Moreover, there is a key declining channel forming with resistance near $0.5780 on the 4-hours chart of the XRP/USD pair.
A clear break above the $0.5780 and $0.5800 resistance levels might open the doors for a fresh surge. In the stated case, the price could easily rally above $0.6000 and $0.6200.
Conversely, the price could fail to surpass $0.5780 and $0.5800. The main support on the downside is near the $0.5350 level. The price might decline heavily if there is a clear break below $0.5350 and $0.5250.
Looking at the chart, ripple price is clearly trading nicely above $0.5350 and the 55 SMA (H4). Overall, the price could start a fresh increase if there is a clear break above $0.5780 and $0.5800.
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 close to the 50 level.
Key Support Levels – $0.5350, $0.5250 and $0.4400.
Key Resistance Levels – $0.5800 and $0.6200.
Source: Read Full Article