Charted: Ripple (XRP) Consolidates Gains, Why Rally Isn’t Over Yet

Charted: Ripple (XRP) Consolidates Gains, Why Rally Isn’t Over Yet

Ripple extended its rally above the $1.200 resistance zone before correcting lower against the US Dollar. XRP price is now consolidating gains and it is likely to rally again above $1.400.

  • Ripple rallied towards $1.50 before correcting lower against the US dollar.
  • The price is now trading well above $1.1500 and the 100 simple moving average (4-hours).
  • There is a key contracting triangle forming with support near $1.3100 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to start a fresh rally if it clears the $1.400 resistance zone.

Ripple’s XRP Price Remains Well Supported

In the past few days, ripple’s XRP saw a strong surge above $1.0000, unlike bitcoin and ethereum. XRP broke many hurdles near $1.200 to move further into a positive zone.

The price even rallied above $1.400 before the bears appeared near $1.485. A high was formed near $1.481 and recently there was a downside correction. The bears were able to push the price below the $1.420 and $1.400 support levels.

There was a break below the 23.6% Fib retracement level of the upward move from the $0.8598 swing low to $1.481 high. However, the price is still trading well above $1.250 and the 100 simple moving average (4-hours).

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

There is also a key contracting triangle forming with support near $1.310 on the 4-hours chart of the XRP/USD pair. The pair is placed nicely above the 50% Fib retracement level of the upward move from the $0.8598 swing low to $1.481 high.

On the upside, the $1.3800 level is an immediate resistance. The next major resistance is near the $1.400 level. A successful close above the $1.400 level is likely to start a fresh rally towards $1.500 and $1.650.

Dips Limited in XRP?

If ripple fails to clear the $1.4000 resistance or $1.450, it could correct further lower. An initial support on the downside is near the $1.3100 level and the trend line.

The next major support is near the $1.2500 level. Any more losses might call for a drop towards the $1.120 support zone in the coming sessions.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is slowly losing pace in the bullish zone.

4-Hours 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.

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: