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Ripple token price is climbing above the $0.50 resistance against the US Dollar. XRP price is showing higher signs towards $0.55 or $0.565.
- Ripple token price started a decent rise above the $0.500 resistance against the US Dollar.
- The price is now trading above the $0.505 and 100 simple moving average (4-hours).
- There is a major bullish trend line forming with support near $0.5050 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to move higher towards the $0.545 and $0.550 resistance levels.
ripple price form bullish trend
In the past few days, ripple’s XRP gained bullish momentum above the $0.45 resistance against the US Dollar. This outperformed bitcoin and ethereum to start a stable bullish move above $0.465.
There was a clear move above the $0.480 and $0.488 resistance levels. Finally, the bulls were able to push the price above $0.500. A high was formed near $0.5286 and the price recently saw a minor decline. There was a move below the 23.6% Fib retracement level of the upward wave from the $0.4432 low to $0.5286 high.
XRP price is still trading above $0.505 and the 100 simple moving average (4-hours). Moreover, there is a major bullish trend line forming with support near $0.5050 on the 4-hours chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
An initial resistance on the upside is near the $0.5250 area. The first major resistance is near the $0.532 level. A successful break above the $0.532 resistance could send the price towards the $0.550 resistance. Any further gains could call for a test of the $0.565 resistance.
Are Dips Supported in XRP?
If ripple fails to clear the $0.525 resistance area, it could start a downside correction. An initial support on the downside is near the $0.505 zone and the trend line.
The next major support is near the $0.500 level. If there is a downside break and a close below the $0.50 level, XRP price could decline further. In the stated case, the price could test the $0.486 support area or the 50% Fib retracement level of the upward wave from the $0.4432 low to $0.5286 high.
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 – $0.505, $0.500 and $0.486.
The main resistance levels – $0.525, $0.532 and $0.550.
