Here are the Levels to Watch Carefully for the Ripple Price.
Ripple price is trading in a contract range of over $ 0.6000 against the US dollar. Ripple price is set for a major breakout above $ 0.6200 or below $ 0.5800, according to renowned analyst Aayush Jindal.
- Ripple price shows several positive signs above $ 0.6000 and $ 0.5800 against the US Dollar.
- The price remained above $ 0.6000 and the 100 simple moving average (4 hours).
- On the 4-hour chart of the XRP / USD pair there is a crucial contract triangle with resistance at $ 0.6130 (data source from Kraken).
- If there is a clear break in Ripple above $ 0.6150 and $ 0.6200, the pair could initiate a strong upward move.
Analyst: Ripple price is preparing for a major breakout! So in what direction?
After testing the $ 0.5500 support area, Ripple price started a steady recovery. There was a break above the $ 0.5750 and $ 0.5800 resistance levels in XRP to move into a short-term bullish zone. The price traded above the 23.6% Fib retracement level of the downward move from $ 0.6847 to $ 0.5446. Currently, Ripple is trading above the $ 0.6000 level and the 100 simple moving average (4-hour).
On the upside, the price is facing major resistance near $ 0.6150 and $ 0.6200. On the 4-hour chart of the XRP / USD pair, there is a crucial contract triangle formed by resistance at $ 0.6130. XRP is now near the 50% Fib retracement level of the downward move from $ 0.6847 to $ 0.5446. A close above the $ 0.6150 and $ 0.6200 resistance levels could open the doors for a sharp increase.
Here are the levels that Ripple price will see and should watch in the short term.
A successful close above the $ 0.6200 resistance could push the price to the $ 0.6500 resistance level. Further increases could push the price into the $ 0.6800 zone, according to the analyst. A medium resistance is seen around $ 0.6720, according to the analyst. If Ripple fails to cross the $ 0.6150 and $ 0.6200 resistance levels, it could drop significantly.
The first downside support is near the $ 0.6000 level, according to the analyst. The first major support is currently forming near the $ 0.5800 level, according to the analyst. A break below the triangle support zone and the 100 simple moving average (4 hours) could trigger a sharp decline. The next major support is seen near the $ 0.5500 level, according to the analyst.
Current view of Ripple price with technical indicators
4-Hour MACD: The MACD for XRP / USD is losing momentum in the bearish zone.
4-Hour RSI (Relative Strength Index): The RSI for XRP / USD is currently stable near the 50 level.
Major Support Levels: $ 0.6000, $ 0.5800 and $ 0.5750.
Major Resistance Levels: $ 0.6150, $ 0.6200 and $ 0.6500.