Ripple started a new surge above the $ 0.6000 resistance level against the US dollar, similar to Bitcoin and ETH. The XRP price should continue to climb towards $ 0.7000 and $ 0.7200.
- Ripple started a fresh surge above the $ 0.5800 and $ 0.6000 resistance levels against the US dollar.
- The price is now trading well above $ 0.6250 and the simple moving average of 100 (4 hours).
- The 4-hour chart of the XRP / USD pair (data source from Kraken) broke above a large contraction triangle with a resistance of $ 0.6200.
- The pair is showing positive signs and could continue to advance towards $ 0.7000 or even $ 0.7200.
Ripple’s XRP price could rise again
After a sharp downward correction, Ripple’s XRP price found support near the $ 0.4500 level. The price began rising again and bounced back above the $ 0.5000 and $ 0.5200 resistance levels.
Bitcoin and Ethereum have picked up pace in the past 2-3 days, causing XRP to break above $ 0.5800. The price even surged above the $ 0.6000 resistance level. The bulls pushed the price above the 50% fib retracement level of the downward correction from the high of $ 0.7887 to the low of $ 0.4504.
There was also a break above a large contraction triangle with resistance at USD 0.6200 on the 4-hour chart for the XRP / USD pair. The pair is now trading well above $ 0.6250 and the simple moving average of 100 (4 hours).
Source: XRPUSD on TradingView.com
It appears that price is struggling to gain momentum above the $ 0.6600 level or the 61.8% fib retracement level of the bearish correction from the high of $ 0.7887 to the low of $ 0.4504 win. A significant break above the $ 0.6600 and $ 0.6650 levels could require a move towards the $ 0.7000 resistance. The next major resistance is at $ 0.7200, which is where the bulls may take a stand.
Downsides Limited in XRP?
If the ripple does not exceed the $ 0.6600 resistance, a downward correction may occur. Initial support on the downside is near the $ 0.6200 level.
The first major support is now forming near the USD 0.6000 level. Further losses could lead the price towards the USD 0.5500 support level in the upcoming sessions. Interim support is close to $ 0.5850.
4 Hour MACD – The MACD for XRP / USD is losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is currently above the 60 level.
Major support levels – $ 0.6200, $ 0.6000, and $ 0.5500.
Main Resistance Levels – $ 0.6600, $ 0.6800, and $ 0.7000.