Visit the original article*

https://www.newsbtc.com/wp-content/uploads/2021/02/Depositphotos_67114657_s-2019-1-460×322.jpg

Ripple remained stable above $0.5000 and rallied above $0.6000 against the US Dollar. XRP price tested $0.6500 and it is likely to continue higher in the near term.

  • Ripple started a fresh increase above the $0.5500 and $0.6000 resistance levels against the US dollar.
  • The price is now trading well above $0.5800 and the 100 simple moving average (4-hours).
  • There was a break above a crucial contracting triangle with resistance near $0.5480 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is trading nicely above $0.6000, and it is likely to continue higher towards $0.6500 and $0.6800.

Ripple’s XRP Price is Gaining Bullish Momentum

Recently, there was a sharp decline in ripple’s XRP price below the $0.5000 support zone. The price even spiked below $0.4500, but there was a quick recovery from $0.4326.

It started a strong increase above the $0.5000 resistance, outperforming bitcoin and ethereum. There was a clear break above the 76.4% Fib retracement level of the retracement level of the downward move from the $0.5842 high to $0.4326 low.

There was also a break above a crucial contracting triangle with resistance near $0.5480 on the 4-hours chart of the XRP/USD pair. The pair rallied above the $0.6000 resistance and it settled above the 100 simple moving average (4-hours).

Source: XRPUSD on TradingView.com

It spiked above the 1.236 Fib extension level of the downward move from the $0.5842 high to $0.4326 low. It tested the $0.6450 resistance zone and it is now trading nicely in a positive zone.

A clear break above the $0.6450 and $0.6500 resistance levels could pump the price further towards the $0.6880 level. The next major resistance on the upside is near the $0.7200 level. Any more gains could lead the price towards the $0.7500 level.

Dips Limited in XRP?

If ripple fails to continue higher above $0.6500, it could correct lower. An initial support on the downside is near the $0.5840 and $0.5800 levels.

The main support is now forming near the broken triangle and $0.5500. A downside break below the $0.5500 support zone could lead the price towards the $0.5200 zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is gaining pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.

Major Support Levels – $0.5850, $0.5650 and $0.5500.

Major Resistance Levels – $0.6200, $0.6500 and $0.7000.

This article was originally published by www.helenabitcoinmining.com on 2021-02-22 02:08:50. It can be viewed in it’s original state here: Source link .

Leave a comment

The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. EZCrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions. Trading and investing is risky, do so at your own risk, and we advise people to never use more money than they can afford to lose. The cryptocurrency market is a volatile and risky market. Cryptocurrency trading may not be suitable for all users of this website.

EZCrypto © 2021. All rights reserved.

My Newsletter

Sign Up For Updates & Newsletters