Ripple targets key resistance level - $0.55. A clear break above the resistance level could stage surge above $0.60

By AshkyKharoo | CryptoCircleOne | 17 Feb 2021

After a close above the $0.50 level, ripple’s XRP price started a steady increase. The XRP USD price cleared the $0.55 and $0.5720 resistance levels. It even broke the $0.60 level, topping at $0.6445 level, however failed to clear the $0.65 resistance level and started a decline. The price traded below the 38.2% Fib retracement level of the downward move from the $0.64 swing high to $0.48 low.

The price has started a steady increase, now trading at $0.55 after testing the 100 simple moving average (4-hours).

It is now testing the 50% Fib retracement level of the downward move from the latest swing high to swing low. If there is an upside break above the $0.550 resistance level, it could open the doors for the XRP/USD pair to target the next resistance at the $0.60 level. The key support is near the $0.495 level. Any losses below the key support level could push down the XRP price towards the $0.43 support level.

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Fresh Increase in XRP?

If ripple stays above the 38% Fib retracement level of the downward move from the latest swing high to low, there are chances for XRP USD pair bullish cycle. An initial resistance is near the $0.60 level and $0.635. A clear break above the 0.55 level, could push the price to a target of $0.60. The next major resistance for the bulls could be $0.635.

Dips supported in XRP?

If ripple fails to clear the $0.55 resistance, it could continue to move down with first major support near the $0.495 level and 100 Simple moving average (on 4 hours chart). A downside break below the 100 simple moving average level may possibly put a lot of pressure on the bulls, possibly pulling down the price to $0.43 and $0.40. As long as the XRP price is above $0.495 in the coming trading sessions, it is likely to climb again above $0.55.

Technical Indicators:

4-Hours MACD – The MACD for XRP/USD is gaining momentum and heading towards the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP / USD is now well above the 50 levels.
Major Support Levels – $0.4950, $0.43, and $0.40.
Major Resistance Levels – $0.55, $0.60, and $0.635.

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