Ripple (XRP) Price Analysis May 7: Could Start a New Uptrend, What Are Price Targets and Key Levels?

According to Ripple analysis on May 7; It started a new rally above the $ 1.50 barrier against the US dollar. XRP price will likely rise further if it clears the $ 1.75 and $ 1.80 resistance levels. According to the technical analysis of NewsBTC’s Aayush Jindal:

  • Ripple is gaining bullish momentum above the $ 1.55 and $ 1.60 resistance levels against the US Dollar.
  • The price is currently trading well above $ 1.50 and the 100 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $ 1.58 on the 4-hour chart of the XRP/USD pair (based on Kraken data).
  • The pair is likely to continue to rise if it clears the $ 1.75 resistance zone.

Ripple (XRP) continues its rally

Over the past few sessions, Ripple’s XRP has traded in a positive trend above the $ 1.40 support. XRP created a support base above $ 1.40 and started a new surge similar to Bitcoin and Ethereum.

The price broke many key hurdles near the $ 1.50 level. There was a break above a key bearish trend line with resistance near $ 1.58 on the 4-hour chart of the XRP/USD pair. The pair cleared the 61.8% Fib retracement level of the downward move from $ 1.97 to $ 0.95.

It is currently trading well above $ 1.50 and the 100 simple moving average (4 hours).

It looks like the price is struggling to clear the 76.4% Fib retracement level of the downward move from $ 1.97 to $ 0.95. A successful break above the $ 1.73 and $ 1.75 resistance levels could trigger another rally.

The next key resistance is near the $ 1.80 level, where bulls are more likely to test the $ 2.0 level in the coming sessions.

Will Ripple (XRP) Fall?

If Ripple fails to cross the $ 1.75 resistance or $ 1.80, it can correct further. Initial support on the downside is near the $ 1.52 level.

The next major support is near the $ 1.50 and $ 1.48 levels. If there is a bearish breakout and closes below the $ 1.48 level, the price could start a major downside correction. The price is likely to drop towards the $ 1.25 support in the situation stated.

Technical Indicators

  • 4-Hour MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
  • 4-Hour RSI (Relative Strength Index) – The RSI for XRP/USD is currently above the 60 levels.
  • Major Support Levels – $ 1.52, 1.50 and $ 1.48
  • Major Resistance Levels – $ 1.65, $ 1.75 and $ 1.80

Note: We shared the Ripple price analysis on May 7 with you. The information, comments and evaluations contained herein are NOT covered by Investment Consultancy. Keep following the SinceCoin.

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