Ripple price is trading in a bullish zone above the $1.3000 resistance against the US Dollar. XRP price is likely to accelerate higher above $1.60 in the near term.
Ripple Price Analysis
After forming a base above the $0.8000 and $0.9500 support levels, ripple price started a fresh rally against the US Dollar. The XRP/USD pair broke many hurdles near $1.0000 and $1.200 to move into a positive zone.
There was also a close above the $1.2500 level and the 55 simple moving average (4-hours). Recently, there was a break above a major contracting triangle with resistance near $1.400 on the 4-hours chart of the XRP/USD pair.
It opened the doors for more gains above the $1.500 resistance. The price traded to new multi-month high at $1.580 and it is now consolidating gains. If there is a downside correction, the price might find bids near the $1.515 level.
The 23.6% Fib retracement level of the upward move from the $1.311 swing low to $1.580 high is also near the $1.515 level. The next major support on the downside is near the $1.480 zone.
The main support is now near the $1.450 level. It is near the 50% Fib retracement level of the upward move from the $1.311 swing low to $1.580 high. Any more losses might call for a drop towards the $1.350 support zone in the near term.
On the upside, the price is facing resistance near the $1.5800 level. If there is an upside break above the $1.580 level, the price could accelerate further higher. In the stated case, the price could even surge towards the $1.6500 and $1.800 levels.
Looking at the chart, ripple price is clearly trading in a bullish zone above the $1.250 zone and the 55 simple moving average (4-hours). Overall, the price is likely to surge further above the $1.580 and $1.600 resistance levels.
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 60 level.
Key Support Levels – $1.480, $1.450 and $1.250.
Key Resistance Levels – $1.580 and $1.600.
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