Ripple’s token price is rising above $0.50 against the US Dollar. XRP price could start a fresh rally if it clears the $0.515 and $0.525 resistance levels.
- Ripple’s token price is attempting a move above $0.515 and $0.525 against the US dollar.
- The price is now trading above $0.500 and the 100 simple moving average (4 hours).
- There is a connecting bullish trend line forming with support near $0.500 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair might gain bullish momentum if there is a close above $0.515.
Ripple’s Token Price Could Accelerate Above $0.515
In the last XRP price prediction, we discussed a possible upward move in Ripple’s XRP against the US Dollar. The price did follow a positive path above the $0.480 pivot level, like Bitcoin and Ethereum.
There was a clear move above the $0.50 resistance zone. It climbed above the 50% Fib retracement level of the key decline from the $0.5491 swing high to the $0.4590 low. The bulls are now attempting more gains above the $0.515 resistance.
XRP is now trading above $0.500 and the 100 simple moving average (4 hours). Besides, there is a connecting bullish trend line forming with support near $0.500 on the 4-hour chart of the XRP/USD pair.
On the upside, immediate resistance is near the $0.515 level. It is close to the 61.8% Fib retracement level of the key decline from the $0.5491 swing high to the $0.4590 low. The next major resistance is near the $0.5250 level. A close above the $0.525 level could send the price toward the $0.550 barrier.
Source: XRPUSD on TradingView.com
A successful break above the $0.550 resistance level might start a strong rally toward the $0.585 resistance. Any more gains might call for a test of the $0.600 resistance.
Are Dips Limited in XRP?
If ripple fails to clear the $0.515 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.50 zone and the trend line.
The next major support is at $0.490. If there is a downside break and a close below the $0.490 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.458 support zone.
Technical Indicators
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 above the 50 level.
Major Support Levels – $0.500, $0.490, and $0.458.
Major Resistance Levels – $0.515, $0.525, and $0.550.
This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.
#Bitcoin #Crypto #Cryptocurrency
