Ripple pushed its rise above the $ 1.20 resistance zone against the US Dollar. #XRP price is currently consolidating gains and is likely to rise above $ 1.40. According to the technical analysis of NewBTC's Aayush Jindal:
Ripple rose to $ 1.50 before declining against the US dollar.
The price is currently trading well above $ 1.15 and the 100 simple moving average (4 hours).
There is a significant contracting triangle formation on the 4-hour chart of the XRP / USD pair with support close to $ 1.31 (based on #Kraken data).
The pair is likely to start a new rally if the $ 1.40 clears the resistance zone.
🚨Ripple (XRP) Holds Support Well🚨
Over the past few days, Ripple 's XRP has seen a strong increase of over $ 1 unlike Bitcoin and Ethereum . XRP has overcome many hurdles around 1.20 to move into the positive zone.
The price even rose above $ 1.40 before the bears appeared around $ 1.48. It traded as high as $ 1.48 and recently experienced a downside correction. The bears managed to push the price below the $ 1.42 and $ 1.40 support levels.
There was a break below the 23.6% Fib retracement level of the upward move from $ 0.8598 to $ 1.48. However, the price is still trading well above $ 1.25 and the 100 simple moving average (4 hours).
ripple xrp price analysis can trigger a new uptrend What are the key levels and price targets?
There is also a major contracting triangle formation with support near $ 1.31 on the 4-hour chart of the XRP / USD pair. The pair settled nicely above the 50% Fib retracement level of the upward move from $ 0.8598 to $ 1.481.
On the upside, the $ 1.3800 level is an instant resistance. The next major resistance is near the $ 1,400 level. A successful close above the $ 1,400 level could start a new rally towards $ 1,500 and $ 1,650.
🚨Will Ripple (XRP) Fall?🚨
Ripple (XRP) could fall further if it fails to cross the $ 1.40 resistance or $ 1,450. Initial support on the downside is near the $ 1.31 level and the trend line.
The next major support is near the 1.25 level. Further losses could require a drop towards the $ 1.12 support zone in the coming sessions.
4-Hour MACD - The MACD for XRP / USD is slowly losing momentum in the bullish zone.
4-Hour RSI (Relative Strength Index) - The RSI for XRP / USD is still well above the 50 level.
Major Support Levels - $ 1,3100, $ 1.2500 and $ 1.1200
Major Resistance Levels - $ 1,400, $ 1,450 and $ 1,500