Ripple started a strong increase above the $0.460 resistance against the US Dollar. XRP price broke many hurdles near $0.478 and might rise further towards $0.55. Ripple started a fresh increase from the key $0.442 support zone against the US dollar.
Ripple started a strong increase above the $0.460 resistance against the US Dollar. XRP price broke many hurdles near $0.478 and might rise further towards $0.55.
- Ripple started a fresh increase from the key $0.442 support zone against the US dollar.
- The price is now trading nicely above $0.480 and the 100 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $0.4600 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise if there is a close above the $0.5000 resistance.
Ripple Price Rally To $0.50
Yesterday, we discussed how ripple’s XRP is primed for rally and only 1 thing is holding it back against the US Dollar. XRP formed a base above the $0.4220 level and started a steady increase above $0.4400.
The price gained pace for a move above the $0.450 resistance. The bulls were able to clear the key barriers near the $0.478 and $0.480 levels. It opened the doors for more gains above the $0.488 level. The price was able to clear the 50% Fib retracement level of the key decline from the $0.5486 swing high to $0.4220 swing low.
Besides, there was a break above a major bearish trend line with resistance near $0.4600 on the 4-hours chart of the XRP/USD pair. The price is up nearly 10%, outperforming ethereum and bitcoin.
XRP price is now trading nicely above $0.480 and the 100 simple moving average (4-hours). Itis now facing hurdles near $0.500. It is close to the 61.8% Fib retracement level of the key decline from the $0.5486 swing high to $0.4220 swing low.
Source:Â XRPUSD on TradingView.com
A successful break above the $0.500 and $0.505 resistance levels could spark another rally. The next key resistance is near the $0.52 level, above which the bulls are likely to aim a retest of the $0.55 barrier. Any more gains might send the price towards the $0.60 level.
Dips Limited in XRP?
If ripple fails to clear the $0.500 resistance zone, it could start a downside correction. An initial support on the downside is near the $0.485 level.
The next major support is near $0.465. If there is a downside break and close below the $0.465 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.450 support.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.485, $0.465 and $0.450.
Major Resistance Levels – $0.500, $0.520 and $0.550.
Source: newsbtc.com
Related: $2.3 Trillion Liquidity Shock: Franklin Templeton Says XRP Is Next in Line for Massive Inflows
Quick Summary
Ripple started a strong increase above the $0.460 resistance against the US Dollar. XRP price broke many hurdles near $0.478 and might rise further towards $0.55. Ripple started a fresh increase from the key $0.442 support zone against the US dollar.
Source
Information sourced from official Ripple publications, institutional research, regulatory documentation and reputable crypto news outlets.
Author
Ripple Van Winkle is a cryptocurrency analyst and founder of XRP Right Now. He has been active in the crypto space for over 8 years and has generated more than 25 million views across YouTube covering XRP daily.
Editorial Note
Opinions are the author's alone and for informational purposes only. This publication does not provide investment advice.
