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Ripple coin price is correcting higher above the $0.52 resistance against the US Dollar. XRP price is trading in the bullish zone while ADA, BNB and other altcoins are bleeding.
- Ripple token price remained well above the $0.500 resistance against the US Dollar.
- The price is now trading above the $0.515 and 100 simple moving average (4-hours).
- There is a major bearish trend line forming with resistance near $0.535 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue rising if it clears the $0.545 and $0.550 resistance levels.
Ripple’s token price remains grounded
In the past few days, ripple price XRP declined above the $0.540 resistance against the US Dollar. There was a break below the $0.52 support area and a similar bearish move was observed with bitcoin and Ethereum.
However, the bulls were active near the $0.475 area. A low was formed near $0.4752 and the price is now correcting higher. It pared most of its losses when ADA and BNB were faltering. XRP surpassed the 50% Fib retracement level of the decline from the $0.5411 high to $0.4752 low.
XRP price is now trading above $0.515 and the 100 simple moving average (4-hours). It is testing the 76.4% Fibonacci retracement level of the downside swing from the $0.5411 swing high to $0.4752 low.
Source: XRPUSD on TradingView.com
An initial resistance on the upside is near the $0.535 area. There is also a major bearish trend line forming with resistance near $0.535 on the 4-hours chart of the XRP/USD pair. The first major resistance is near the $0.545 level. A successful break above the $0.545 resistance could send the price towards the $0.565 resistance. Any further gains could call for a test of the $0.580 resistance.
Fresh decline in XRP?
If ripple fails to clear the $0.535 resistance area, it could start a downside correction. On the downside, an initial support is near the $0.515 area.
The next major support is near the $0.501 level. If there is a downside break and a close below the $0.501 level, XRP price could decline further. In the mentioned case, the price could retest the $0.480 support area.
technical indicators
4-hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.
Main Support Levels – $0.515, $0.501 and $0.480.
The main resistance levels – $0.535, $0.545 and $0.550.
