Ripple’s token price is rising from $0.4560 against the US dollar. XRP price could gain bullish momentum if it clears the $0.4960 resistance zone.
- The token price of Ripple is moving up towards the $0.4960 resistance against the US Dollar.
- The price is now trading above $0.48 and the 100 simple moving average (4 hours).
- A major bullish trendline is forming with support near $0.4860 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $0.4960 resistance in the near term.
Ripple token price is starting to rise again
This past week, Ripple’s XRP saw a downside correction from $0.5265 resistance against the US dollar. It dipped below the $0.500 support zone. The price even peaked below the USD 0.465 support.
A low is formed near $0.4460 and the price is now rising, similar to Bitcoin and Ethereum. There was a move above the $0.455 and $0.465 resistance levels. XRP surpassed the 50% Fib retracement level of the downward move from the $0.5265 swing high to the $0.4460 low.
XRP price is now trading above $0.480 and the 100 simple moving average (4 hours). A major bullish trendline is also forming with support near $0.4860 on the 4-hour chart of the XRP/USD pair.
Initial resistance on the upside is near the $0.4960 zone. It is close to the 61.8% Fib retracement level of the downward move from the $0.5265 swing high to the $0.4460 low. The next major resistance is near the $0.5050 level.
Source: XRPUSD at TradingView.com
A successful break above the $0.505 resistance level could send the price towards the $0.525 resistance. Any further gains may require a test of the $0.550 resistance.
New Decline in XRP?
If Ripple fails to clear the $0.496 resistance zone, it could trigger another drop. The first support on the downside is near the $0.486 zone and the trendline.
The next major support is near $0.476. If there is a downside break and a close below the $0.476 level, the price of XRP could add to losses. In the said case, the price might retest the $0.456 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 above the 50 level.
Main Support Levels – $0.485, $0.476 and $0.456.
Key resistance levels – $0.496, $0.505 and $0.525.