Ripple price is showing positive signs above $0.5500 against the US Dollar. XRP price is likely to rally again above $0.6200 as long as it is above $0.5500.
Ripple Price Analysis
This past week, there was a rejection in ripple price near the $0.6850 level against the US Dollar. The XRP/USD pair traded as high as $0.6845 and declined below the $0.6500 level.
The price even broke the $0.6000 support level and the 55 simple moving average (4-hours). However, the bulls protected the main $0.5500 support level. A low is formed near $0.5451 and the price is currently rising.
There was a break above the $0.5750 level. The price climbed above the 50% Fib retracement level of the downward move from the $0.6845 swing high to $0.5451 swing low. XRP price is now facing resistance near the $0.6200 level and the 55 simple moving average (4-hours).
There is also a major contracting triangle forming with resistance near $0.6150 on the 4-hours chart of the XRP/USD pair. The triangle resistance is close to the 61.8% Fib retracement level of the downward move from the $0.6845 swing high to $0.5451 swing low.
A successful break above the triangle resistance could increase the chances of a fresh rally above the $0.6200 resistance zone. In the stated case, the price could surge towards the $0.6500 and $0.6650 levels.
The next major resistance is near $0.6750, above which the price might face hurdles near $0.6850 level. Conversely, the price could fail to surpass $0.6150 and $0.6200. An initial support on the downside is near $0.5780, below which the price could revisit $0.5500.
Looking at the chart, ripple price is clearly is facing resistance near the $0.6200 level and the 55 simple moving average (4-hours). Overall, the price is likely to start a strong increase if it clears the $0.6150 and $0.6200 resistance levels.
4 hours MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Key Support Levels – $0.6000, $0.5780 and $0.5500.
Key Resistance Levels – $0.6200 and $0.6550.
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