Ripple extended its rally above the $0.8000 resistance zone against the US Dollar. XRP price even tested $0.9500 and it is now consolidating gains.
- Ripple started a strong surge above the $0.8000 and $0.9000 levels against the US dollar.
- The price is now trading nicely above $0.8000 and the 100 simple moving average (4-hours).
- There was a break above a couple of bullish continuation patterns at $0.6000 and $0.7180 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is now consolidating gains and it might continue to rise towards $1.00 in the near term.
Ripple’s XRP Price Extends Rally
During the increase, there was a break above a couple of bullish continuation patterns at $0.6000 and $0.7180 on the 4-hours chart of the XRP/USD pair. The pair even cleared the $0.8000 and $0.9000 resistance levels. A new multiweek high is formed near $0.9443.
The price is now trading nicely above $0.8000 and the 100 simple moving average (4-hours). XRP is now consolidating gains above the $0.8500 level.
Source: XRPUSD on TradingView.com
An initial support is near the $0.8550 level. It is near the 23.6% Fib retracement level of the recent surge from the $0.5688 swing low to $0.9443 high. On the upside, the $0.9000 level is an immediate resistance. The next major resistance is near the $0.9500 level. A successful close above the $0.9500 level is likely to set the pace for more gains above the main $1.00 barrier in the coming sessions.
Dips Supported in XRP?
If ripple fails to clear the $0.9000 resistance or $0.79500, it could start a fresh downside. An initial support on the downside is near the $0.8550 level.
The first major support is near the $0.7550 level. It is near the 50% Fib retracement level of the recent surge from the $0.5688 swing low to $0.9443 high. Any more losses might call for a drop towards the $0.5500 support zone. Moreover, the 100 simple moving average (4-hours) is also near $0.5500.
4-Hours MACD – The MACD for XRP/USD is slowly losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now in the overbought zone.
Major Support Levels – $0.8550, $0.8000 and $0.7500.
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