Ripple started a new rally above the USD 0.6000 resistance zone against the US dollar. The XRP price even broke $ 0.7000 and it seems that the chances of further upward movement are high.
- Ripple gained strength after breaking the $ 0.5500 and $ 0.6000 resistance levels against the US dollar.
- The price is now trading well above $ 0.6500 and the simple moving average of 100 (4 hours).
- A major bullish trendline is forming on the 4-hour chart of the XRP / USD pair (data source from Kraken) with support near USD 0.6100.
- The pair could break in the short term but the bulls are likely to remain active above $ 0.6000.
Ripple’s XRP price climbs to a new multi-week high
This week, Ripple’s XRP started a sharp surge above $ 0.6000 while Bitcoin and Ethereum stayed in one range. Previously, XRP formed a support base above $ 0.5000 before rising above the $ 0.6000 resistance.
It broke many hurdles near $ 0.5500 and $ 0.6000. The bulls even pumped the price above the $ 0.7000 level. A new multi-week high was formed near $ 0.7254. The price is now trading well above $ 0.6500 and the simple moving average of 100 (4 hours).
Initial support is near the USD 0.6880 level. It is near the 23.6% fib retracement level of the move up from the low of $ 0.5687 to the high of $ 0.7254. The next major support is near the $ 0.6400 level.
The 50% Fib retracement level of the move up from the low of $ 0.5687 to the high of $ 0.7254 is also close to $ 0.6400. A major bullish trendline is also forming on the 4-hour chart of the XRP / USD pair with support near USD 0.6100.
Source: XRPUSD on TradingView.com
On the upside, the $ 0.7250 level is an immediate resistance. The next major resistance is near the $ 0.7500 level. A successful close above the $ 0.7500 level should set the pace for further gains in the upcoming sessions. In the stated case, the bulls could aim for a test of $ 0.8000.
Dips Limited Decline In XRP?
If the ripple doesn’t remove the $ 0.7250 or $ 0.7500 resistance, it could lead to a new downtrend. Initial downside support is near the USD 0.6400 level.
The first big support is near the USD 0.6100 level and the trend line. The main support is near the $ 0.6000 level below which the price is likely to test the 100 (4 hour) simple moving average.
4 Hour MACD – The MACD for XRP / USD is now picking up pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is now above the 60 level.
Key support levels – $ 0.6880, $ 0.6400, and $ 0.6100.
Main Resistance Levels – $ 0.7250, $ 0.7500, and $ 0.8000.