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

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining


Visit the original article*

https://www.newsbtc.com/wp-content/uploads/2020/12/Depositphotos_228885008_s-2019-460×307.jpg

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.

Ripple’s XRP Price

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.

Source link

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close