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Ripple Price Analysis: Bulls Attempt Recovery Above $0.62 min read

May 2, 2022 2 min

Ripple Price Analysis: Bulls Attempt Recovery Above $0.62 min read

Reading Time: 2 minutes

Ripple price started a fresh decline from the $0.7650 zone against the US dollar.
The price is now trading below $0.65 and the 55 simple moving average (4-hours).
There was a break above a key bearish trend line with resistance near $0.6080 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
The pair could extend recovery if there is a move above the $0.6330 resistance zone.

Ripple price is struggling below $0.6500 against the US Dollar, similar to bitcoin. XRP price must clear $0.6330 to start a fresh increase in the near term.

Ripple Price Analysis

After struggling to clear $0.7500, ripple price started a fresh decline against the US Dollar. The XRP/USD pair traded below the $0.7000 support level to enter a bearish zone.

The price even broke the $0.6500 support and the 55 simple moving average (4-hours). It even spiked below the $0.6000 level and traded as low as $0.5667. It is now correcting losses and trading above the $0.6000 pivot level.

There was a move above a key bearish trend line with resistance near $0.6080 on the 4-hours chart of the XRP/USD pair. The pair traded above the 23.6% Fib retracement level of the key decline from the $0.7663 swing high to $0.5667 low.

On the upside, the price is facing resistance near the $0.6330 zone. The next major resistance is near the $0.6500 level and the 55 simple moving average (4-hours). The 50% Fib retracement level of the key decline from the $0.7663 swing high to $0.5667 low is also near the $0.6600 zone.

A clear move above the $0.6600 level might send the price towards the $0.7000 level. Any more gains could lead the price towards the $0.7500 level.

An initial support on the downside is near the $0.6050 level. The next main support is near the $0.6000 zone. Any more losses could lead the price towards the $0.5650 level in the near term, below which the price might even test $0.5200.

Ripple Price

Looking at the chart, ripple price is now trading below $0.6500 and the 55 simple moving average (4-hours). Overall, the price could extend recovery if there is a move above the $0.6330 resistance zone.

Technical indicators

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

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

Key Support Levels – $0.6000, $0.5600 and $0.5200.

Key Resistance Levels – $0.6330 and $0.6600.

The post Ripple Price Analysis: Bulls Attempt Recovery Above $0.6 appeared first on Live Bitcoin News.

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