Ripple token price is rising above the $0.50 resistance against the US dollar. XRP price could continue rising towards the $0.525 and $0.550 resistance levels.
- Ripple’s token price started a fresh surge 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).
- A major bullish trendline is forming with support near $0.4910 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could continue rising towards the $0.525 and $0.550 resistance levels.
Ripple’s Token Price Up 5%
Over the past few days, Ripple’s XRP has seen quite a rise from the $0.420 support against the US dollar. It outperformed Bitcoin and Ethereum to move into a bullish zone.
There was clear movement above the $0.475 and $0.480 resistance levels. It even surpassed $0,500. A high is forming 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 the $0.4433 swing low to the $0.5047 high.
XRP price is also trading above $0.50 and the 100 simple moving average (4 hours). In addition, a major bullish trendline is forming with support near $0.4910 on the 4-hour chart of the XRP/USD pair.
Source: XRPUSD at TradingView.com
Initial resistance is near the $0.5050 zone. The first major resistance is near the $0.525 level. A successful break above the $0.525 resistance level could send the price towards the $0.550 resistance. Any further gains may require a test of the $0.585 resistance.
Are dips limited in XRP?
If Ripple fails to clear the $0.505 resistance zone, it could trigger a downside correction. The first support on the downside is near the $0.491 zone and the trendline.
The next key support is near $0.474 or the 50% Fib retracement level of the upward move from the $0.4433 swing low to the $0.5047 high. If there is a downside break and a close below the $0.474 level, the price of XRP could add to losses. In the said case, the price might test the $0.450 support zone.
Technical indicators
4am MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-hour 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.
Main resistance levels – $0.505, $0.525 and $0.550.
