Ripple’s token price is climbing above the $0.50 resistance against the US dollar. XRP price signals more upside towards $0.55 or $0.565.
- Ripple’s token price started a decent rise 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).
- A major bullish trendline is forming with support near $0.5050 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could continue rising towards the $0.545 and $0.550 resistance levels.
Ripple price forms bullish trend
In recent days, Ripple’s XRP gained bullish momentum above the $0.45 resistance against the US dollar. It outperformed Bitcoin and Ethereum to start a steady bullish trend above USD 0.465.
There was clear movement above the $0.480 and $0.488 resistance levels. Finally, the bulls managed to push the price above $0.500. A high is forming near $0.5286 and the price recently saw a small downside correction. There was movement below the 23.6% Fib retracement level of the up 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). In addition, a major bullish trendline is forming with support near $0.5050 on the 4-hour chart of the XRP/USD pair.
Source: XRPUSD at 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 could send the price towards the $0.550 resistance. Any further gains may require a test of the $0.565 resistance.
Are dips supported in XRP?
If Ripple fails to clear the $0.525 resistance zone, it could trigger a downside correction. The first support on the downside is near the $0.505 zone and the trendline.
The next major support is near $0.500. If there is a downside break and a close below the $0.50 level, the price of XRP could add to losses. In the said case, the price could be testing 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.
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 – $0.505, $0.500 and $0.486.
Main resistance levels – $0.525, $0.532 and $0.550.
