Bulls Aim Big After Recent Surge Above $0.5
Ripple’s token price is climbing above the $0.50 resistance against the US Dollar. XRP price is signaling more upsides toward $0.55 or $0.565.
- Ripple’s token price started a decent increase above the $0.500 resistance against the US dollar.
- The price is now trading above $0.505 and the 100 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $0.5050 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to rise toward the $0.545 and $0.550 resistance levels.
Ripple Price Forms Bullish Trend
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 is formed near $0.5286 and the price recently saw a minor downside correction. There was a move below the 23.6% Fib retracement level of the upward wave from the $0.4432 swing low to the $0.5286 high.
XRP price is still trading above $0.505 and the 100 simple moving average (4 hours). Besides, there is a major bullish trend line forming with support near $0.5050 on the 4-hour chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
Initial resistance on the upside is near the $0.5250 zone. The first major resistance is near the $0.532 level. A successful break above the $0.532 resistance level might send the price toward the $0.550 resistance. Any more gains might call for a test of the $0.565 resistance.
Are Dips Supported in XRP?
If ripple fails to clear the $0.525 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.505 zone and the trend line.
The next major support is near $0.500. If there is a downside break and a close below the $0.50 level, XRP’s price could extend losses. In the stated case, the price could test the $0.486 support zone or the 50% Fib retracement level of the upward wave from the $0.4432 swing low to the $0.5286 high.
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now in the overbought zone.
Major Support Levels – $0.505, $0.500, and $0.486.
Major Resistance Levels – $0.525, $0.532, and $0.550.