Ripple saw a significant rise in price above the $0.460 resistance to the US Dollar. The XRP price has broken many barriers near $0.478. It could rise towards $0.55.
- Ripple initiated a new increase at the $0.442 support area against the US Dollar.
- Now, the price has risen to $0.480. The simple moving average of 100 is at 4-hours.
- The 4-hour chart of the currency pair XRP/USD showed a breakout above the major bearish trendline with resistance at $0.4600 (data source: Kraken).
- A close above the $0.5000 resistance could allow for continued gains.
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 reached a level above the $0.4220 mark and has been steadily increasing above $0.4400.
It gained speed to surpass the $0.450 resistance. The key resistances at the $0.478, $0.480 and $0.478 levels were cleared by the bulls. This opened up the possibility of more gains beyond the $0.488 mark. It was able clear 50% Fib Retracement of the pivotal decline, which took the price from $0.5486 swing high down to $0.4220 swing lowest.
On the 4-hour chart of the currency pair XRP/USD, there was an above-average break from a bearish trend line. Resistance near $0.4600 can be seen on the 4-hour chart. The price has risen by almost 10%, beating bitcoin and ethereum.
The XRP Price is trading at $0.480, which is well above the simple moving average of 100 (4-hours). The price is now near $0.500. It’s close to the level of 61.8% Fib Retracement for the pivotal decline from $0.5486 swing high and $0.4220 swing lowest.
Source: XRPUSD at TradingView.com
Another rally could be triggered if the bulls break through $0.500 or $0.505 resistance. Near the $0.52 mark is the next resistance. Above that, the bulls may attempt a retest at the $0.55 threshold. Gains above the $0.52 level could push the price to the $0.60 mark.
Dips Limited to XRP
Ripple could begin a downtrend correction if it fails to break the $0.500 resistance level. The $0.485 mark is the initial support for the downside.
Near $0.465, the next support level, is close by. If the price closes below the $0.465 support, it could cause further losses. The price may even fall below $0.450 in this scenario.
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.
