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XRP Consolidates And Could Rally Again To $0.75: Analysis

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XRP consolidates again and could rally to $0.75 but it did correct lower against the US dollar. XRP’s price is consolidating above the $0.6200 and is eyeing the next crucial break so let’s read more in today’s XRP price news.

Ripple started a strong rally and it settled above the $0.3000 resistance against the US dollar. The price then tested the $0.74 resistance and settled well above the 100 simple moving average with a major contracting triangle forming near the $0.70 resistance on the 4-hour charts of the pair. The XRP/USD pair could start a fresh rally once it clears the $0.700 resistance zone. In the past technical analysis, we saw there were changes of a huge rally in Ripple’s XRP price towards $0.7500 as the price followed a strong bullish path above the $0.500 and the $0.600 level.

XRP daily
XRP’s 24-Hours Price Chart (Source: coingecko)

It broke the hurdles near the $0.700 level and settled above the 100 simple moving average but at the end, the price tested and at the $0.7500 resistance zone. The new multi-month high was formed close to the $0.7870 before the prices started a downside correction. XRP’s price corrected lower again below $0.700 and tested the $0.600 support but remained above the 100 simple moving average. The swing low is formed near $0.5662 before the prices climbed back to $0.7547.

XRP is now consolidating in a broad range below the $0.700 level with a break below the 50% fib retracement level from the upward move from the $0.5662 swing low to the $0.7545 swing high. It now seems that there’s a major contracting triangle forming with resistance near the $0.700 on the 4-hour charts of the XRP/USD pair. The triangle support is close to the 61% fib retracement level from the upward movement from the $0.5662 swing low to the $0.7547 swing high. If there’s a clear break below the triangle support XRP will revisit the $0.600 support so more losses could increase the chances of a break towards the $0.5200 level.

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XRP weekly
XRP 7-Day Price Chart (Source: Coingecko)

If ripple stayed above the triangle support, ripple could attempt an upside break above the $0.6800 and the $0.700 resistance levels. The 4-hours MACD for the XRP/USD level is losing pace in the bullish zone. The RSI for the XRP/USD is correcting lower towards the 60 level with the major support levels including the $0.6350 and $0.6200. The major resistance levels are set at the $0.6800 and the $0.7000 levels.

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Source: https://www.dcforecasts.com/ripple-news/xrp-consolidates-and-could-rally-again-to-0-75-analysis/

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