XRP consolidates again and could rally to $0.75 but it did correct lower against the US dollar. XRP’s price is consolidating above the $0.6200 and is eyeing the next crucial break so let’s read more in today’s XRP price news.
Ripple started a strong rally and it settled above the $0.3000 resistance against the US dollar. The price then tested the $0.74 resistance and settled well above the 100 simple moving average with a major contracting triangle forming near the $0.70 resistance on the 4-hour charts of the pair. The XRP/USD pair could start a fresh rally once it clears the $0.700 resistance zone. In the past technical analysis, we saw there were changes of a huge rally in Ripple’s XRP price towards $0.7500 as the price followed a strong bullish path above the $0.500 and the $0.600 level.
It broke the hurdles near the $0.700 level and settled above the 100 simple moving average but at the end, the price tested and at the $0.7500 resistance zone. The new multi-month high was formed close to the $0.7870 before the prices started a downside correction. XRP’s price corrected lower again below $0.700 and tested the $0.600 support but remained above the 100 simple moving average. The swing low is formed near $0.5662 before the prices climbed back to $0.7547.
XRP is now consolidating in a broad range below the $0.700 level with a break below the 50% fib retracement level from the upward move from the $0.5662 swing low to the $0.7545 swing high. It now seems that there’s a major contracting triangle forming with resistance near the $0.700 on the 4-hour charts of the XRP/USD pair. The triangle support is close to the 61% fib retracement level from the upward movement from the $0.5662 swing low to the $0.7547 swing high. If there’s a clear break below the triangle support XRP will revisit the $0.600 support so more losses could increase the chances of a break towards the $0.5200 level.
If ripple stayed above the triangle support, ripple could attempt an upside break above the $0.6800 and the $0.700 resistance levels. The 4-hours MACD for the XRP/USD level is losing pace in the bullish zone. The RSI for the XRP/USD is correcting lower towards the 60 level with the major support levels including the $0.6350 and $0.6200. The major resistance levels are set at the $0.6800 and the $0.7000 levels.
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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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