Ripple price is slowly recovering above $0.6200 against the US Dollar. XRP price could continue to rise towards $0.7000 if the bulls are able to clear $0.6500.
Ripple Price Analysis
Recently, there was a fresh dip in ripple price below the $0.6200 support against the US Dollar. The XRP/USD pair even spiked below the $0.6000 support zone.
A low was formed near $0.5939 before the price started a fresh increase. The price recovered nicely above the $0.6200 resistance zone. There was a break above the 23.6% Fib retracement level of the recent decline from the $0.7078 high to $0.5939 low.
The price is now trading near the $0.6500 resistance and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the recent decline from the $0.7078 high to $0.5939 low.
There is also a key bearish trend line forming with resistance near $0.6600 on the 4-hours chart of the XRP/USD pair. Therefore, ripple price must clear the $0.6500 and $0.6600 resistance levels to start a steady increase in the coming sessions.
The next major resistance could be near $0.7000. On the downside, the first major support is near the $0.6200 level. If there is a clear break below the $0.6200 level, the price could see an increase in selling pressure. In the stated case, the price is likely to decline towards the $0.6000 level. Any more losses might call for a drop towards the $0.5750 support zone.
Looking at the chart, ripple price is clearly facing hurdles near $0.6500 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if it clears the $0.6500 and $0.6600 resistance levels.
4 hours MACD – The MACD for XRP/USD is now 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 – $0.62, $0.60 and $0.575.
Key Resistance Levels – $0.65 and $0.70.
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