Ripple Price Analysis: Fresh Rally Likely Above $0.65

Ripple price is slowly recovering above $0.6200 against the US Dollar. XRP price could continue to rise $0.6500 if the bulls remain in action above $0.6000.

Ripple Price Analysis

There was a downside extension below the $0.6000 level in ripple price against the US Dollar. The XRP/USD pair declined heavily below $0.5500 and the 55 simple moving average (4-hours).

It traded close to the $0.5000 level. A low was formed near $0.5125 and the price recently started a steady recovery wave. There was a break above the $0.6000 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.9310 swing high to $0.5125 low.

It is now facing resistance near $0.6500 and the 55 simple moving average (4-hours). There is also a key bearish trend line forming with resistance near $0.6500 on the 4-hours chart of the XRP/USD pair.

If there is a clear upside break above the trend line, the price could test the $0.7000 level. The next major resistance is near the $0.7200 level. It is near the 50% Fib retracement level of the downward move from the $0.9310 swing high to $0.5125 low.

A break above $0.7000 and $0.7200 could open the doors for a move towards $0.8000. If there is no upside break, the price could continue to move down below $0.620. The next support is near $0.760, below which the bears are likely to aim a test of $0.500.

Ripple Price

Looking at the chart, ripple price is clearly facing hurdles near $0.6500 and the 55 simple moving average (4-hours). Overall, the price could start a major increase if there is a clear break above the $0.6500 resistance zone.

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 above the 50 level.

Key Support Levels – $0.62, $0.60 and $0.55.

Key Resistance Levels – $0.65 and $0.72.

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