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

0

 471 total views

Ripple started a fresh rally above the $1.50 barrier against the US Dollar. XRP price is likely to surge further if it clears the $1.75 and $1.80 resistance levels.

  • Ripple is gaining bullish momentum above the $1.55 and $1.60 resistance levels against the US dollar.
  • The price is now trading well above $1.50 and the 100 simple moving average (4-hours).
  • There was a break above a key bearish trend line with resistance near $1.58 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue higher 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 bias above the $1.40 support. XRP formed a support base above $1.40 and started a fresh increase, similar to bitcoin and ethereum.

The price broke many important barriers near the $1.50 level. There was a break above a key bearish trend line with resistance near $1.58 on the 4-hours chart of the XRP/USD pair. The pair cleared the 61.8% Fib retracement level of the main downward move from the $1.97 high to $0.95 swing low.

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

Source: XRPUSD on TradingView.com

It seems like the price is struggling to clear the 76.4% Fib retracement level of the main downward move from the $1.97 high to $0.95 swing low. A successful break above the $1.73 and $1.75 resistance levels could spark another rally.

The next key resistance is near the $1.80 level, above which the bulls are likely to aim 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 correct lower. An initial support on the downside is near the $1.52 level.

The next major support is near the $1.50 and $1.48 levels. If there is a downside break and close below the $1.48 level, the price could start a major downside correction. In the stated case, the price is likely to drop towards the $1.25 support.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace 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.

Major Resistance Levels – $1.65, $1.75 and $1.80.

Adblock test (Why?)

Disclaimer:

Blockcast.cc does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice or recommendations. Every investment and trading move involves risk, you should conduct your own research when making a decision.