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Ripple Price Analysis: Rallies To $0.70, More Upsides Likely

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Ripple price started a strong increase above the $0.5000 and $0.5500 resistance levels against the US dollar. The price is now well above $0.5500 and the 55 simple moving average (4-hours). There is a key bullish trend line forming with support near $0.6000 on the 4-hours chart of the XRP/USD pair (data source from Bittrex). The pair is likely to surge further above the $0.7000 and $0.7010 resistance levels. Ripple price is trading in a positive zone above the $0.6000 resistance against the US Dollar. XRP price is likely to gain further once it clears the $0.7000 level.

Ripple Price Analysis

After forming a base above the $0.4500 and $0.4750 support levels, ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke many hurdles near $0.5000 and $0.5500 to move into a positive zone.

There was also a close above the $0.5500 level and the 55 simple moving average (4-hours). The price even surged above the $0.6000 level to set a new multi-week high. It extended its rise above the $0.6500 level and traded as high as $0.7007.

It is now consolidating gains and trading well above the $0.6000 level. An initial support is near the $0.6700 level. It is near the 23.6% Fib retracement level of the upward move from the $0.5744 swing low to $0.7007 high.

There is also a key bullish trend line forming with support near $0.6000 on the 4-hours chart of the XRP/USD pair. An intermediate support is near the $0.6380 level. It is close to the 50% Fib retracement level of the upward move from the $0.5744 swing low to $0.7007 high.

Source: https://www.livebitcoinnews.com/ripple-price-analysis-rallies-to-0-70-more-upsides-likely/

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