2020-11-25 10:28 |
Ripple rallied significantly above $0.6000 and $0.7000 before correcting lower against the US Dollar. XRP price is now consolidating above $0.6200 and eyeing the next crucial break.
Ripple started a strong rally after it settled above the $0.3000 resistance against the US dollar. The price tested the $0.7500 resistance and settled well above the 100 simple moving average (4-hours). There is a major contracting triangle forming with resistance near $0.7000 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh rally once it clears the $0.7000 resistance zone. Ripple’s XRP Price Holding Key SupportIn the last technical analysis, we discussed the chances of massive rally in ripple’s XRP price towards $0.7500. The price did follow a strong bullish path above $0.5000 and $0.6000.
It broke many hurdles near $0.7000 and settled well above the 100 simple moving average (4-hours). Finally, the price tested the stated $0.7500 resistance zone. A new multi-month high was formed near $0.7870 before the price started a downside correction.
XRP price corrected lower sharply below $0.7000 and $0.6500. It even tested the $0.6000 support level, but remained well above the 100 simple moving average (4-hours). A swing low is formed near $0.5662 before the price climbed back to $0.7547.
It is currently consolidating in a broad range below the $0.7000 level. There was a break below the 50% Fib retracement level of the upward move from the $0.5662 swing low to $0.7547 swing high.
Source: XRPUSD on TradingView.comIt seems like there is a major contracting triangle forming with resistance near $0.7000 on the 4-hours chart of the XRP/USD pair. The triangle support is close to the 61.8% Fib retracement level of the upward move from the $0.5662 swing low to $0.7547 swing high.
If there is a clear break below the triangle support, XRP could revisit the $0.6000 support. Any more losses could increase the chances of a break towards the $0.5200 level.
Fresh Rally in XRP?If ripple stays above the triangle support, it could attempt an upside break above the $0.6800 and $0.7000 resistance levels.
A clear break above the triangle resistance is likely to open the doors for a fresh rally towards the $0.7500 and $0.7650 resistance levels.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is losing pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is correcting lower towards the 60 level.
Major Support Levels – $0.6350, $0.6200 and $0.6000.
Major Resistance Levels – $0.6800, $0.7000 and $0.7500.
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