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Ripple Price Moves Above $0.22: Further Gains Are Likely

Stefan by Stefan
06/05/2020
in Ripple News
Reading Time: 2 mins read
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The cryptocurrency news now show that the Ripple price moves above the $0.22 mark and is ready to pursue new territories as the day progresses. XRP is likely to accelerate higher near $0.2250 and $0.2300 unless the bulls lose control and the price of the coin drops below $0.2080.

There was a break below the $0.2200 support and the 100 hourly simple moving average. It even helped XRP trade below the 23.6% Fib retracement level of the upward move from the $0.2074 low to the $0.2224 high.

On the downside, the XRP news today show that the $0.2150 support area is still there, acting as a decent buy zone. It is very close to the 50% Fib retracement level of the upward move from the $0.2074 low to the $0.2224 high.

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Currently, the price of Ripple is rising and approaching the 100 hourly SMA at $0.2190. More importantly, there is a key bearish trend line forming with resistance near the $0.2190 on the hourly chart of the XRP/USD pair.

If we see an upside break above $0.2190 and $0.2200, the price of Ripple could make another attempt to surpass the $0.2220 resistance level. Now, the bulls need to gain strength above $0.2220 and if they do, the XRP price is likely to continue higher towards the $0.2320 and $0.2350 resistance levels in the coming sessions.

If the Ripple price moves above $0.2300, we can see a lot of gains and an upward momentum. However, this scenario would be also triggered by a market-wide crypto surge. On the other hand the first major support for XRP is near the $0.2100 level, below which the $0.2080 support could act as a strong buy zone. If the bears succeed in clearing the $0.2080 support, we could risk a drop towards $0.2000.

  • Hourly MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is right now well above the 50 level.
  • Major Support Levels – $0.2150, $0.2100 and $0.2080.
  • Major Resistance Levels – $0.2200, $0.2220 and $0.2350.

In the other altcoin news, there are not big or drastic movements upside or downside. The only coins that caught our attention this morning are Bitcoin Cash (BCH) with its 1.26% rise to $249 as BCH struggles to clear the $250 mark. In the top 20, Crypto.com Coin (CRO) is also getting a nice traction of 2% on the upside.

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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

Tags: featuredripple bullsripple priceripple price nowripple price now todayripple price todayripple usersripple xrp pricexrp price
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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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