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Ripple token price is correcting higher above the $0.50 resistance against the US Dollar. XRP price could continue to move higher 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 the $0.50 and 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 could continue to move higher towards the $0.525 and $0.550 resistance levels.
Ripple’s token value increased by 5%
In the past few days, ripple price XRP saw a decent move above the $0.420 support against the US Dollar. It outperformed Bitcoin and Ethereum to move them into a bullish zone.
There was a clear move above the $0.475 and $0.480 resistance levels. It even crossed $0.500. A high was formed near $0.5047 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from $0.4433 swing low to $0.5047 high.
XRP price is also trading well above the $0.50 and 100 simple moving average (4-hours). Moreover, 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
An 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 could call for a test of the $0.585 resistance.
Are Dips Limited in XRP?
If ripple fails to clear the $0.505 resistance area, it could start a downside correction. An initial support on the downside is near the $0.491 zone and the trend line.
The next major support is near the $0.474 level or the 50% Fib retracement level of the move from the $0.4433 low to $0.5047 high. If there is a downside break and a close below the $0.474 level, XRP price could decline further. In the mentioned case, the price could test the $0.450 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 in the overbought zone.
Main Support Levels – $0.491, $0.474 and $0.450.
The main resistance levels – $0.505, $0.525 and $0.550.
