Credit: Original article published by newsbtc.

Ripple started a fresh rally above the $0.6000 resistance zone against the US Dollar. XRP price even broke $0.7000 and it seems like there are high chances of more upsides.

  • Ripple gained strength after it broke the $0.5500 and $0.6000 resistance levels against the US dollar.
  • The price is now trading nicely above $0.6500 and the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $0.6100 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could dip in the short-term, but the bulls are likely to remain active above $0.6000.

Ripple’s XRP Price Rallies To New Multi-Week High

This week, ripple’s XRP started a strong increase above $0.6000, while bitcoin and ethereum remained in a range. Earlier, XRP formed a support base above $0.5000 before surging 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 nicely above $0.6500 and the 100 simple moving average (4-hours).

An initial support is near the $0.6880 level. It is near the 23.6% Fib retracement level of the upward move from the $0.5687 low to $0.7254 high. The next key support is near the $0.6400 level.

The 50% Fib retracement level of the upward move from the $0.5687 low to $0.7254 high is also near $0.6400. There is also a major bullish trend line forming with support near $0.6100 on the 4-hours chart of the XRP/USD pair.

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 is likely to set the pace for more gains in the coming sessions. In the stated case, the bulls might aim a test of $0.8000.

Dips Limited Drop in XRP?

If ripple fails to clear the $0.7250 resistance or $0.7500, it could start a fresh downside. An initial support on the downside is near the $0.6400 level.

The first major support is near the $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 simple moving average (4-hours).

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 60 level.

Major Support Levels – $0.6880, $0.6400 and $0.6100.

Major Resistance Levels – $0.7250, $0.7500 and $0.8000.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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