Ripple price is struggling to stay above the $1.50 support against the US Dollar. XRP price is likely to accelerate higher if there is a close above $1.60.
Ripple Price Analysis
After forming a base above $1.350, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke the $1.50 and $1.60 resistance levels to move back into a positive zone.
It even spiked above the $1.70 level and settled above the 55 simple moving average (4-hours). A high was formed near $1.76 before the price started a downside correction. There was a break below the $1.65 and $1.60 support levels.
The price cleared the 23.6% Fib retracement level of the upward move from the $1.328 swing low the $1.760 high. It is now consolidating above $1.50 and close to the 55 simple moving average (4-hours).
It seems to be stuck near the 50% Fib retracement level of the upward move from the $1.328 swing low the $1.760 high. There is also a major bearish trend line forming with resistance near $1.58 on the 4-hours chart of the XRP/USD pair.
If there is an upside break above the trend line resistance and $1.60, the price could start a fresh increase. An immediate barrier could be $1.70, above which the bulls might aim a break above the $1.75 resistance zone in the near term.
Conversely, the price might correct further lower below $1.52. An initial support is near the $1.50 zone. A downside break below the $1.50 support may possibly call for a drop towards the $1.35 support zone.
Looking at the chart, ripple price is clearly consolidating above $1.50 and close to the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above $1.58 and $1.60.
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 now close to the 50 level.
Key Support Levels – $1.50, $1.40 and $1.35.
Key Resistance Levels – $1.60 and $1.75.
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