June 22, 2021

Charted: Ripple (XRP) Turns Green, Here’s Why The Bulls Could Aim $2

2 min read

Ripple started a fresh rally above the $1.50 barrier versus the United States Dollar. XRP rate is most likely to rise further if it clears the $1.75 and $1.80 resistance levels.

  • Ripple is getting bullish momentum above the $1.55 and $1.60 resistance levels versus the United States dollar.
  • The price is now trading well above $1.50 and the 100 simple moving typical (4-hours).
  • There was a break above a crucial bearish pattern line with resistance near $1.58 on the 4-hours chart of the XRP/USD set (data source from Kraken).
  • The pair is most likely to continue greater if it clears the $1.75 resistance zone.

Ripple’s XRP Price Extends Rally

In the past few sessions, ripple’s XRP traded with a positive predisposition above the $1.40 support. XRP formed an assistance base above $1.40 and began a fresh increase, comparable to bitcoin and ethereum.

The rate broke many crucial barriers near the $1.50 level. There was a break above a crucial bearish pattern line with resistance near $1.58 on the 4-hours chart of the XRP/USD set. The set cleared the 61.8% Fib retracement level of the primary downward relocation from the $1.97 high to $0.95 swing low.

It is now trading well above $1.50 and the 100 basic moving typical (4-hours). XRP is now facing difficulties near the $1.73 and $1.75 levels.

Ripple's XRP Price

Source: XRPUSD on TradingView.com It seems like the price is struggling to clear the 76.4% Fib retracement level of the main down relocation from the $1.97 high to $0.95 swing low. An effective break above the $1.73 and $1.75 resistance levels might trigger another rally.

The next key resistance is near the $1.80 level, above which the bulls are most likely to intend a test of the $2.0 level in the coming sessions.

Dips Limited in XRP?

If ripple fails to clear the $1.75 resistance or $1.80, it could fix lower. A preliminary support on the drawback is near the $1.52 level.

The next significant support is near the $1.50 and $1.48 levels. If there is a disadvantage break and close listed below the $1.48 level, the cost might start a significant disadvantage correction. In the stated case, the price is most likely to drop towards the $1.25 assistance.

Technical Indicators

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

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

Major Support Levels –-- $1.52, $1.50 and $1.48.

Significant Resistance Levels –-- $1.65, $1.75 and $1.80.