Bitcoin

Ripple Price Analysis: Bulls Struggle To Start Fresh Surge

1 Mins read

[ad_1]

  • Ripple price started a downside correction from the $0.740 zone against the US dollar.
  • The price is now trading below $0.660 and the 55 simple moving average (4 hours).
  • There is a key bearish trend line forming with resistance at $0.620 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase unless there is a close below $0.580.

Ripple price is consolidating near $0.600 against the US Dollar, like Bitcoin. XRP price must stay above the $0.580 support to remain in a bullish zone.

Ripple Price Analysis

This past week, Ripple price saw a decent increase above the $0.6250 resistance against the US Dollar. The XRP/USD pair climbed above the $0.650 resistance to move into a positive zone.

The bulls even pumped the price above the $0.700 resistance. A high was formed near $0.7442 and the price recently corrected lower. There was a move below the $0.660 and $0.650 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $0.5300 swing low to the $0.7442 high.

The price is now trading below $0.6250 and the 55 simple moving average (4 hours). It is trading above the 76.4% Fib retracement level of the upward move from the $0.5300 swing low to the $0.7442 high.

On the upside, the price is facing resistance near $0.620. There is also a key bearish trend line forming with resistance at $0.620 on the 4-hour chart of the XRP/USD pair.

The next major resistance is near the $0.6380 level. A close above the $0.6380 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.670 resistance. Any more gains might send the price toward the $0.740 resistance.

Initial support on the downside is near the $0.60 level. The next major support is near the $0.580 level. Any more losses could lead the price toward the $0.550 level, below which the price might even test $0.520.

Ripple Price
Ripple Price

Looking at the chart, Ripple’s price is now trading below the $0.6250 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase unless there is a close below $0.580.

Technical indicators

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

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

Key Support Levels – $0.580, $0.550, and $0.520.

Key Resistance Levels – $0.620 and $0.6380.

[ad_2]
Source link

Related posts
Bitcoin

Cardano Founder Clears FUD About Hydra, Scaling, Partners

2 Mins read
[ad_1] In a series of messages over the weekend, Charles Hoskinson, the founder of Cardano, addressed various concerns and rumors circulating about…
Bitcoin

Ethereum Price Grinds Lower, Why Pullback Is Not Over Yet

2 Mins read
[ad_1] Ethereum price started a downside correction below $3,650. ETH traded below $3,500 and is currently attempting a decent recovery wave in…
Bitcoin

Group Urges US President Joe Biden to Secure Release of ‘Kidnapped’ Former Federal Agent

1 Mins read
[ad_1] The Chamber of Digital Commerce, a blockchain and crypto advocacy group, has urged U.S. President Joe Biden to assist in securing…

 

 

Leave a Reply

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