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Ripple Makes 20% Surge With More Chances Of Increasing

Stefan by Stefan
22/02/2021
in Ripple News
2 min read
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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.

XRPUSD
Source XRPUSD on TradingView.com

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.

XRP DAily
XRP 24-hour Price Chart (Source: coingecko)

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.

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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 [email protected]

Tags: featuredincreasingmore chancesripple makesripple makes 20%ripple pricesurgexrp priceXRP price surge
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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