Ripple Price Analysis: Bulls Aim Higher Above $0.37

Ripple Price Analysis

Ripple Price Analysis: Bulls Aim Higher Above $0.37

Ripple price is slowly moving higher above the $0.35 level against the US dollar.
The price is now trading above $0.3400 and the 55 simple moving average (4-hours).
There was a break above a key bearish trend line with resistance near $0.3410 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
The pair could gain bullish momentum if it clears the $0.3560 resistance zone in the near term.

Ripple price is rising steadily above $0.340 against the US Dollar, unlike bitcoin. XRP price must clear $0.356 to continue higher in the coming sessions.
Ripple Price Analysis
After forming a base near the $0.3320 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.3380 resistance zone.
The price even broke the $0.3400 resistance and the 55 simple moving average (4-hours). There was also a break above a key bearish trend line with resistance near $0.3410 on the 4-hours chart of the XRP/USD pair. The pair is now trading above the 61.8% Fib retracement level of the downward move from the $0.3727 swing high to $0.3013 low.
It is now trading above $0.3400 and the 55 simple moving average (4-hours). On the upside, the price is facing resistance near $0.3560.  It is near the 76.4% Fib retracement level of the downward move from the $0.3727 swing high to $0.3013 low.
The next major resistance is near the $0.3720 level. A clear move above the $0.3720 resistance zone might start a fresh increase. In the stated case, the price could even surpass the $0.3800 resistance. Any more gains might send the price towards the $0.4200 resistance.
An initial support on the downside is near the $0.3450 level. The next major support is near the $0.3400 level and the 55 simple moving average (4-hours). Any more losses could lead the price towards the $0.3320 level, below which the price might even test $0.3050.
Ripple Price
Looking at the chart, ripple price is now trading above the $0.3400 zone and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.3560 resistance zone in the near term.
Technical indicators
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 above the 50 level.
Key Support Levels – $0.3450, $0.3400 and $0.3320.
Key Resistance Levels – $0.3560 and $0.3720.

Tags: Ripple, XRP

Leave a Reply

Your email address will not be published.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

AdonFinance
Risk Warning: The material on this website is provided for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation or endorsement for any security or strategy, nor does it constitute an offer to provide investment advisory or other services by AdonFinance. In addition, the content of the website offers no opinion with respect to the suitability of any security or any specific investment. Trading foreign exchange, stocks, cryptocurrencies and commodities is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against traders. Before any investment with any broker you need to carefully consider your targets, previous experience, and risk level. Forex trading can result in the loss of your money, as a result, you are expressly cautioned that you should never invest or trade with money that you cannot afford to lose. For the avoidance of doubt, AdonFinance's service provides Brokers reviews in the Financial market. AdonFinance, its subsidiaries, agents or affiliates will assume no responsibility whatsoever for your trading activity. © Copyright 2021 AdonFinance