Ripple makes a 20% surge in price as it rallied above the $0.6000 price range against the US dollar with the price likely to continue higher in the near-term so let’s take a closer look at the recent XRP price news today.
Ripple makes a new increase above $0.5500 and $0.6000 resistance levels against the US dollar with the price trading well above $0.5800 and the 100 simple moving average and a break above the crucial contracting triangle and the resistance of $0.5480 on the 4-hour charts of the pair. The pair is now trading nicely above the $0.6000 and will continue higher to $0.6500 and $0.6800. There was a sharp drop in the price below the $0.5000 support zone and the price spiked below $0.45000 but then recovered quickly from the $0.4326 zone.
The coin started increasing above $0.500 resistance outperforming both ETH and BTC with a clear break above 76.4% fib retracement level from the retracement level of the downwards move at $0.5842 high to the $0.4326 low. There was also a break above the crucial contracting triangle with the resistance of $0.5480 on the 4-hour charts of the pair as it rallied above the $0.600 level and settled above the 100 simple moving average. The coin spiked above 1.236 fib extension level from the downward move at $0.5842 high to $0.4326 low and then tested the $0.6450 zone with it now being settled in a positive zone. The clear break above $0.6450 and the $0.6500 resistances could boost the price higher and the next three major resistances on the upside are near the $0.7200 level with more gains leading the price above the said level.
Ripple makes a 20% surge but if it fails to continue higher above $0.6500, it could correct lower and the initial support on the downside will be set at $0.5840 and $0.5800. The main support is forming close to the broken triangle and the $0.5500 zone with a downside break below the $0.5500 support zone which will inevitably lead the price to the $0.5200 zone. The 4-hour MACD for the pair is gaining pace in the bullish zone while the 4-hour RSI being well above the 50 level. The major support levels are set at $0.5850 and $0.5650 while the major resistance level is set at $0.6200 and $0.6500.
XRP had a hard time over the past months after the US SEC decided to sue the company for unregistered securities.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post