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ripple token price is correcting higher above $0.6650 against the US Dollar. If XRP price clears the $0.8065 resistance area, it is likely to move higher.
- Ripple coin price is correcting higher towards the $0.8065 resistance against the US Dollar.
- The price is now trading above $0.75 and the 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.760 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- If the pair overcomes the resistance level of $0.8065 in the near term, it could continue to rise.
Ripple’s token price starts a new uptrend
After a strong rally, ripple’s XRP saw a downside correction below the $0.9500 resistance against the US Dollar. It declined below the $0.820 support area. The price even declined below the $0.70 support level.
A bottom remained near $0.6655 and the price is now correcting higher against bitcoin and Ethereum. There was a move above the $0.70 and $0.72 resistance levels. XRP above the 23.6% Fibonacci retracement level of the decline from the $0.9479 high to $0.6655 low.
XRP price is now trading above $0.70 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.760 on the 4-hours chart of the XRP/USD pair.
An initial resistance on the upside is near the $0.8065 area. It is close to the 50% Fibonacci retracement level of the downside move from the $0.9479 high to $0.6655 low. The next major resistance is near the $0.840 level.
Source: XRPUSD on Tradingview.com
A successful break above the $0.84 resistance could send the price towards the $0.90 resistance. Any further gains may require a test of the $1 resistance.
Fresh decline in XRP?
If ripple fails to clear the $0.8065 resistance area, it could start another decline. On the downside, an initial support is near the $0.75 area and the trend line.
The next major support is near the $0.70 level. If there is a downside break and a close below the $0.70 level, XRP price could extend losses. In the mentioned case, the price could retest the $0.62 support area.
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 now well above the 50 level.
Key Support Levels – $0.75, $0.72, and $0.70.
Key Resistance Levels – $0.8065, $0.84, and $0.95.
