- Ripple price started a fresh increase above the $0.80 zone against the US dollar.
- The price is now trading above $0.7500 and the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $0.8200 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair could continue to move up if it clears the $0.8200 resistance level.
Ripple price is trading in a bullish zone above $0.7000 against the US Dollar, like bitcoin. XRP price could extend increase if it clears the $0.8200 resistance zone.
Ripple Price Analysis
In the past few days, ripple price gained pace and cleared many hurdles near $0.7000 against the US Dollar. The XRP/USD pair even broke the $0.8000 resistance zone to move into a positive zone.
Finally, there was a spike above the $0.9000 level. A high was formed near $0.9165 before there was a downside correction. There was a break below the $0.8650 and $0.8500 support levels. Besides, there was a move below the 23.6% Fib retracement level of the upward move from the $0.5894 swing low to $0.9165 high.
However, it is now trading above $0.7500 and the 55 simple moving average (4-hours). An immediate resistance is near the $0.8200 level. There is also a major contracting triangle forming with resistance near $0.8200 on the 4-hours chart of the XRP/USD pair.
The next key resistance is near the $0.8500 level. Any more gains could lead the price towards the $0.9200 level. If there is no upside break above $0.8200, the price could continue to move down.
An immediate support on the downside is near the $0.7900 level. The next major support is near the $0.7520 level. It is near the 50% Fib retracement level of the upward move from the $0.5894 swing low to $0.9165 high. Any more losses could lead the price towards the $0.7000 level in the near term.
Ripple Price
Looking at the chart, ripple price is now trading above $0.7500 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if it clears the $0.8200 resistance level.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is near the 50 level.
Key Support Levels – $0.7900, $0.7500 and $0.7000.
Key Resistance Levels – $0.8200 and $0.9200.
The post Ripple Price Analysis: Key Support Nearby, Approaches Breakout appeared first on Live Bitcoin News.
