Charted: How Bitcoin’s Surge Pumped Ripple (XRP) Into The Green Zone

2020-12-17 10:18

Ripple trimmed its losses after bitcoin’s rally against the US Dollar. XRP price gained 30% and it is now trading well above the $0.5500 resistance level.

Ripple started a strong increase from the $0.4350 support zone against the US dollar. The price is now trading well above $0.5200 and the 100 simple moving average (4-hours). There was a break above a key declining channel with resistance near $0.5300 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair is gaining pace and it seems like the bulls are aiming a test of the $0.6000 resistance zone. Ripple’s XRP Price is Gaining Bullish Momentum

Yesterday, we saw a nasty decline in ripple’s XRP price below $0.4500. The price traded as low as $0.4352 and recently started a fresh increase. There was a sharp rally in bitcoin, Ethereum, and XRP.

The bulls took over the crypto market and XRP surged above the $0.5000 resistance level. The upward move was such that the price gained over 30%. During the increase, there was a break above a key declining channel with resistance near $0.5300 on the 4-hours chart of the XRP/USD pair.

The pair even surpassed the 50% Fib retracement level of the key downward wave from the $0.5945 high to $0.4350 swing low. It even spiked above the $0.5500 resistance zone.

Source: XRPUSD on TradingView.com

It is now trading near the $0.5700 resistance level and the 100 simple moving average (4-hours). It is showing a lot of positive signs. An immediate resistance is near the $0.5890 level. It is close to the 61.8% Fib retracement level of the key downward wave from the $0.5945 high to $0.4350 swing low.

A close above the $0.5890 level could set the pace for a sustained upward move towards the $0.6000 and $0.6120 levels in the near term.

Dips Supported in XRP?

If ripple starts a short-term downside correction, it could find support near the $0.5500 level. The first major support is near the $0.5400 levels, where the bulls are likely to take a stand.

The main support is near the broken channel trend line or $0.5200. Any more losses may perhaps decrease the current bullish pressure.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.

Major Support Levels – $0.5500, $0.5400 and $0.5200.

Major Resistance Levels – $0.5800, $0.5890 and $0.6000.

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Ripple (XRP) на Currencies.ru

$ 0.5241 (+0.05%)
Объем 24H $974.832m
Изменеия 24h: 1.34 %, 7d: 4.00 %
Cегодня L: $0.5225 - H: $0.5244
Капитализация $28.976b Rank 7
Цена в час новости $ 0.559 (-6.24%)

ripple bitcoin xrp trading well above level

Источник: newsbtc.com

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