Ripple token price is rising above the $0.50 resistance level against the US Dollar. XRP price could continue rising towards the $0.525 and $0.550 resistance levels.
- Ripple token price started a fresh rise above the $0.480 resistance against the US Dollar.
- The price is now trading above $0.50 and the 100 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $0.4910 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair may continue rising towards the $0.525 and $0.550 resistance levels.
Ripple token price increased by 5%
In the past few days, XRP saw a decent rise from the $0.420 support level against the US Dollar. It has outperformed Bitcoin and Ethereum to move into bullish territory.
There was a clear move above the $0.475 and $0.480 resistance levels. It even exceeded $0.500. A top was formed near $0.5047, and the price is now consolidating gains. It is trading above the 23.6% Fibonacci retracement level of the upward move from the $0.4433 swing low to $0.5047 high.
XRP price is also trading above $0.50 and the 100 simple moving average (4 hours). Besides, there is a major bullish trend line forming with support near $0.4910 on the 4-hours chart of the XRP/USD pair.
source: XRPUSD on TradingView.com
Initial resistance is near the $0.5050 area. The first major resistance is near the $0.525 level. A successful break above the $0.525 resistance could send the price towards the $0.550 resistance. Any further gains may require a test of the $0.585 resistance.
Is Dips Limited in XRP?
If ripple fails to clear the $0.505 resistance area, it could start a bearish correction. Initial support is on the downside near $0.491 area and trend line.
The next major support is near $0.474 or the 50% Fibonacci retracement level of the upward move from $0.4433 to the high of $0.5047. If there is a bearish breach and a close below the $0.474 level, XRP price may extend its losses. In the mentioned case, the price might test the $0.450 support area.
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 now in the overbought zone.
Key Support Levels – $0.491, $0.474, and $0.450.
Key Resistance Levels – $0.505, $0.525, and $0.550.