Ripple (XRP) Rallies 20%, Why Dips Could Be Attractive

 

Ripple remained stable above $0.5000 and rallied above $0.6000 against the US Dollar. XRP price tested $0.6500 and it is likely to continue higher in the near term.

  • Ripple started a fresh increase above the $0.5500 and $0.6000 resistance levels against the US dollar.
  • The price is now trading well above $0.5800 and the 100 simple moving average (4-hours).
  • There was a break above a crucial contracting triangle with resistance near $0.5480 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is trading nicely above $0.6000, and it is likely to continue higher towards $0.6500 and $0.6800.

Ripple’s XRP Price is Gaining Bullish Momentum

Recently, there was a sharp decline in ripple’s XRP price below the $0.5000 support zone. The price even spiked below $0.4500, but there was a quick recovery from $0.4326.

It started a strong increase above the $0.5000 resistance, outperforming bitcoin and ethereum. There was a clear break above the 76.4% Fib retracement…


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