Ripple price is trading in a positive zone above the $0.6000 resistance against the US Dollar. XRP price is likely to gain further once it clears the $0.7000 level.
Ripple Price Analysis
After forming a base above the $0.4500 and $0.4750 support levels, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke many hurdles near $0.5000 and $0.5500 to move into a positive zone.
There was also a close above the $0.5500 level and the 55 simple moving average (4-hours). The price even surged above the $0.6000 level to set a new multi-week high. It extended its rise above the $0.6500 level and traded as high as $0.7007.
It is now consolidating gains and trading well above the $0.6000 level. An initial support is near the $0.6700 level. It is near the 23.6% Fib retracement level of the upward move from the $0.5744 swing low to $0.7007 high.
There is also a key bullish trend line forming with support near $0.6000 on the 4-hours chart of the XRP/USD pair. An intermediate support is near the $0.6380 level. It is close to the 50% Fib retracement level of the upward move from the $0.5744 swing low to $0.7007 high.
Therefore, the price is likely to remain well bid near the $0.6350 and $0.6000 levels in the near term. On the upside, the price is facing resistance near the $0.7000 level.
If there is an upside break above the $0.7000, the price could accelerate further higher. In the stated case, the price could even surge towards the $0.7800 and $0.8000 levels.
Looking at the chart, ripple price is clearly trading in a positive zone above the $0.5500 zone and the 55 simple moving average (4-hours). Overall, the price is likely to surge further above the $0.7000 and $0.7010 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 well above the 60 level.
Key Support Levels – $0.6700, $0.6350 and $0.6000.
Key Resistance Levels – $0.7000 and $0.8000.
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