June 19, 2021

Charted: Ripple (XRP) Rallies 20%, Why Dips Could Be Attractive

2 min read

Ripple stayed stable above $0.5000 and rallied above $0.6000 versus the US Dollar. XRP rate tested $0.6500 and it is likely to continue higher in the near term.

  • Ripple began a fresh boost above the $0.5500 and $0.6000 resistance levels against the US dollar.
  • The price is now trading well above $0.5800 and the 100 easy moving average (4-hours).
  • There was a break above a crucial contracting triangle with resistance near $0.5480 on the 4-hours chart of the XRP/USD set (information source from Kraken).
  • The pair is trading perfectly above $0.6000, and it is likely to continue higher towards $0.6500 and $0.6800.

Ripple’s XRP Price is Gaining Bullish Momentum

Just recently, there was a sharp decrease in ripple’s XRP rate listed below the $0.5000 support zone. The price even surged below $0.4500, however there was a quick healing from $0.4326.

It began a strong increase above the $0.5000 resistance, exceeding bitcoin and ethereum. There was a clear break above the 76.4% Fib retracement level of the retracement level of the downward move from the $0.5842 high to $0.4326 low.

There was likewise a break above an important contracting triangle with resistance near $0.5480 on the 4-hours chart of the XRP/USD set. The set rallied above the $0.6000 resistance and it settled above the 100 easy moving average (4-hours).

Ripple (XRP)

Source: XRPUSD on TradingView.com It spiked above the 1.236 Fib extension level of the downward relocation from the $0.5842 high to $0.4326 low. It tested the $0.6450 resistance zone and it is now trading perfectly in a positive zone.

A clear break above the $0.6450 and $0.6500 resistance levels could pump the price further towards the $0.6880 level. The next significant resistance on the benefit is near the $0.7200 level. Any more gains might lead the price towards the $0.7500 level.

Dips Limited in XRP?

If ripple stops working to continue greater above $0.6500, it might correct lower. A preliminary support on the drawback is near the $0.5840 and $0.5800 levels.

The main support is now forming near the broken triangle and $0.5500. A drawback break listed below the $0.5500 assistance zone might lead the price towards the $0.5200 zone.

Technical Indicators

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

4-Hours RSI (Relative Strength Index) –-- The RSI for XRP/USD is now well above the 50 level.

Major Support Levels –-- $0.5850, $0.5650 and $0.5500.

Major Resistance Levels –-- $0.6200, $0.6500 and $0.7000.