Ripple price started a downside correction from the $0.640 zone against the US dollar.
The price is now trading below $0.6250 and the 55 simple moving average (4 hours).
There is a key bearish trend line forming with resistance at $0.6200 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could start a fresh increase unless there is a close below $0.5550.

Ripple price is consolidating near $0.600 against the US Dollar, like Bitcoin. XRP price must stay above the $0.5550 support to remain in a bullish zone.

Ripple Price Analysis

This past week, Ripple price saw a decent increase above the $0.5850 resistance against the US Dollar. The XRP/USD pair climbed above the $0.6120 resistance to move into a positive zone.

The bulls even pumped the price above the $0.6250 resistance. A high was formed near $0.6397 and the price recently corrected lower. There was a move below the $0.6250 and $0.6120 levels. The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $0.5300 swing low to the $0.6397 high.

The price is now trading below $0.6150 and the 55 simple moving average (4 hours). It is trading above the 50% Fib retracement level of the upward move from the $0.5300 swing low to the $0.6397 high.

On the upside, the price is facing resistance near $0.615. There is also a key bearish trend line forming with resistance at $0.6200 on the 4-hour chart of the XRP/USD pair.

The next major resistance is near the $0.6380 level. A close above the $0.6380 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.6500 resistance. Any more gains might send the price toward the $0.700 resistance.

Initial support on the downside is near the $0.5885 level. The next major support is near the $0.5650 level. Any more losses could lead the price toward the $0.5550 level, below which the price might even test $0.520.

Looking at the chart, Ripple’s price is now trading below the $0.6160 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase unless there is a close below $0.5550.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.

Key Support Levels – $0.5850, $0.5550, and $0.5200.

Key Resistance Levels – $0.6200 and $0.6380.

The post Ripple Price Analysis: Key Support Intact Above $0.55 appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ March 11, 2024 3:18 am