February 9: Ripple (XRP) Price Analysis
Ripple (XRP) rose over 10% and broke the $ 0.4500 resistance against the US Dollar. XRP price is showing positive signals and will likely continue to rise towards $ 0.5000 and $ 0.5500. According to the technical analysis of NewsBTC’s Aayush Jindal:
- Ripple is slowly rising towards the $ 0.5000 resistance zone against the US Dollar.
- The price is trading well above the $ 0.4500 pivot level and the 100 simple moving average (4-hours).
- There was a break on a key contracting triangle formation with resistance near $ 0.4350 on the 4-hour chart of the XRP / USD pair (based on Kraken data).
- As long as the pair fails to stay above $ 0.4200, it could continue to rise to $ 0.5000.
Ripple (XRP) Price Gains A Uptrend
After a small drop, XRP price found strong buying interest near the $ 0.4000 level. The price started a fresh increase and cleared the $ 0.4200 resistance to move into the bullish zone.
There was a break above a critical contracting triangle formation with resistance near $ 0.4350 on the 4-hour chart of the XRP / USD pair. The pair broke through the 23.6% Fib retracement level of the downside move from $ 0.7450 to $ 0.3424.
The price is currently trading well above the $ 0.4500 pivot level and the 100 simple moving average (4 hours). An instant resistance on the upside is near the $ 0.5000 level.
The next major resistance is near $ 0.5445. This is near the 50% Fib retracement level of the downtrend from $ 0.7450 to $ 0.3424. Further gains could open the door to an uptrend towards the $ 0.5660 and $ 0.5800 levels. In the stated situation, the price could even climb above the $ 0.6000 level.
Will Ripple (XRP) Fall?
If XRP does not break above the $ 0.5000 resistance, it could experience a short-term downside correction. Initial support on the downside is near the $ 0.4500 level.
The next major support is near the $ 0.4320 level. A downside break below the $ 0.4320 support zone could open the doors for a push towards the $ 0.4200 support. Further losses could push the price into the $ 0.4000 support zone.
- 4-Hour MACD – The MACD for XRP / USD is gaining momentum in the bullish zone.
- 4-Hour RSI (Relative Strength Index) – The RSI for XRP / USD is currently well above the 50 level.
- Major Support Levels – $ 0.4500, $ 0.4320 and $ 0.4200
- Major Resistance Levels – $ 0.5000, 0.5445 and $ 0.6000