XRP is primed for a new rally as it started a downside correction below the $0.6500 level against the US dollar which is why it is likely that it is preparing for a next major move. In today’s Ripple price news, we are reading more on the price analysis.
Ripple corrected lower but remained stable above the $0.6000 level against the US dollar. Now, the price is struggling to clear the $0.6500 level but it is well above the 100 simple moving average with a major contracting triangle forming between the resistance of the $0.6340 on the 4-hour charts of the pair. The pair could surge above $0.6500 and the $0.6800 level as long as it is above the $0.5500 support. After trading as low as $0.4566, the price started a fresh increase above the $0.5500 while Bitcoin increased above $19,000 and ETH broke $600.
XRP is struggling to clear the $0.6350 level but the last swing high was formed near $0.6896 before the price dropped below $0.6000. It then tested the 50% fib retracement level from the upward movement at the $0.4566 low to the $0.6896 high. The price remained above the $0.5750 level and recovered higher but it is now trading above the $0.6000 support and the 100 simple moving average. There’s also a major contracting triangle forming with the resistance at $0.6340 on the 4-hour charts of the pair with the triangle support closing to the 61.8% fib retracement level of the upward movement from the $0.4566 low to $0.6896 high.
If there’s an upside break above the triangle resistance, the price will try to clear the $0.6500 resistance level so a close above the $0.6500 resistance will lift the price to the $0.7000 resistance level in the next 3-4 days. If ripple fails to surpass the $0.6340 and the $0.6500 resistances, it will move down slowly and the initial support on the downside will near the $0.6000 level. XRP is primed for a new rally as the main support is nearing the $0.5500 level below which the price could struggle to stay above the 100 simple moving average.
The 4-hour MACD for the pair is losing pace in the bearish zone while the 4-hour RSI is below 50. Some of the major support levels include $0.6000 and $0.5750 while the major resistance levels include $0.6340 and $0.6500.
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