Will the rise in the price of XRP continue? Analyst Explained
Ripple has launched a new rise above the $ 0.6000 resistance level against the US Dollar, similar to Bitcoin and ETH. The XRP price is likely to continue to rise to $ 0.7000 and $ 0.7200, according to analysts.
Ripple has launched a new surge against the US dollar, above resistance levels of $ 0.5800 and $ 0.6000. The price is currently trading well above $ 0.65 and the 100 Simple Moving Average (4 hours), according to analyst Aayush Jindal. On the 4-hour chart of the XRP/USD pair (data source from the Kraken), there was a break over a large triangle at a resistance of $ 0.6200. The pair are showing positive signs and may continue to rise to $ 0.7000 or even $ 0.7200.
XRP price may rise again
After a sharp downward correction, the XRP price found support near the $ 0.4500 level. The price started a new increase and recovered above resistance levels of $ 0.5000 and $ 0.5200.
Bitcoin and Ethereum have gained momentum in the last 2-3 days, resulting in an increase in XRP of over $ 0.5800. The price rose even above the resistance level of $ 0.6000. On the 4-hour chart of XRP/USD, there was also a break above a large triangle with a resistance of $ 0.6200. The pair is currently trading well above $ 0.6250 and the 100 Simple Moving Average (4 hours).
The price appears to be struggling to gain ground above the $ 0.6600 level. A net break above the $ 0.6600 and $ 0.6650 levels may require a move towards the $ 0.7000 resistance. The next key resistance is at $ 0.7200, where the Bulls can take a stand. If the surge does not exceed the resistance of $ 0.6600, there may be a negative correction. The initial negative support is close to $ 0.6200.
The first major support is now forming near the $ 0.6000 level. Further losses could push the price to a support level of $ 0.5500 in the coming sessions. Mid-level support is close to $ 0.5850.
4-hour MACD: the MACD for XRP / USD is losing momentum in the bullish zone.
4-hour RSI (relative strength index): the RSI for XRP/USD is currently above 60.
The main support levels are: us $ 0.6200, us $ 0.6000 and US $ 0.5500.
Main resistance levels: $ 0.6600, $ 0.6800 and $ 0.7000.