Ripple Price Analysis: More Upsides Likely Above $0.275November 16, 2020
Ripple price is gaining pace above the $0.2650 level against the US Dollar. XRP price is showing positive signs and it is likely to extend its rise above $0.2780.
Ripple Price Analysis
This past week, there was a strong upward move in ripple price from the $0.2450 support against the US Dollar. The XRP/USD pair broke the $0.2600 resistance zone to move into a positive zone.
There was also a break above the $0.2650 resistance and the price settled well above the 55 simple moving average (4-hours). The pair traded as high as $0.2779 before correcting lower. It traded below the $0.2700 support level.
There was a break below 23.6% Fib retracement level of the upward move from the $0.2531 swing low to $0.2779 high. However, the bulls are now protecting the $0.2650 support level.
There is also a major bullish trend line forming with support near $0.2650 on the 4-hours chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.2531 swing low to $0.2779 high.
If there is a downside break below the trend line, the price could test the $0.2590 support level. The stated support at $0.2590 is close to the 55 simple moving average (4-hours), below which the price could test $0.2450.
On the upside, ripple price is facing hurdles near the $0.2750 level. The next major resistance is near the $0.2780 and $0.2785 levels. A clear break above the $0.2780 and $0.2785 resistance levels could send ripple price above the $0.2800 barrier.
Looking at the chart, ripple price is clearly is trading above the $0.2650 support and it is well above the 55 simple moving average (4-hours). Overall, the price remains well bid and it seems like the bulls are eyeing more gains above $0.2750 and $0.2780.
4 hours MACD – The MACD for XRP/USD is showing positive signs in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now flat just above the 55 level.
Key Support Levels – $0.2650, $0.2620 and $0.2590.
Key Resistance Levels – $0.2750 and $0.2780.
Source: Read Full Article