The Ripple token price rose above the $0.50 resistance against the US Dollar. XRP price is signaling a further increase to $0.55 or $0.565.
- The price of the Ripple token started a decent rise above the $0.500 resistance against the US dollar.
- The price is currently trading above $0.505 and the 100 simple moving average (4 hours).
- There is a major bullish trend line formed with support near $0.5050 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair may continue to rise above the $0.545 and $0.550 resistance levels.
Ripple Price Forms Bullish Trend
Over the past few days, Ripple’s XRP has gained strong momentum above the $0.45 resistance against the US Dollar. It outperformed Bitcoin and Ethereum to start a steady bullish trend above $0.465.
There is a clear move above the $0.480 and $0.488 resistance levels. Finally, the bulls managed to push the price above $0.500. A high was formed near $0.5286 and the price has just seen a minor downside correction. There is a move below the 23.6% Fib retracement level of the upward wave from the $0.4432 swing low to the $0.5286 high.
XRP price is still trading above $0.505 and the 100 simple moving average (4 hours). Besides, there is a major bullish trend line formed with support near $0.5050 on the 4-hour chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
Initial resistance to the upside is near the $0.5250 zone. The first major resistance is near the $0.532 level. A successful break above the $0.532 resistance level could send the price towards the $0.550 resistance. Any further gains could call for a test of the $0.565 resistance.
Are XRP Dips supported?
If the ripple fails to clear the $0.525 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.505 zone and the trend line.
The next major support is near $0.500. If there is a downside break and a close below the $0.50 level, XRP price may extend the losses. In the stated case, the price may test the $0.486 support zone or the 50% Fib retracement level of the upward wave from the $0.4432 swing low to the $0.5286 high.
Technical Signs
4-Hours MACD – The MACD for XRP/USD is currently intensifying in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now in the overbought zone.
Key Support Levels – $0.505, $0.500, and $0.486.
Major Resistance Levels – $0.525, $0.532, and $0.550.
