Ripple token price is attempting another rise above the $0.48 resistance against the US Dollar. XRP price could gain bullish momentum if it clears $0.51.
- Ripple token price is holding gains above the $0.480 resistance against the US dollar.
- The price is now trading below $0.51 and the 100 simple moving average (4 hours).
- A bullish channel is forming with support near $0.480 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could continue rising if it crosses the $0.50 and $0.51 resistance levels.
Ripple token price is aiming for a fresh increase
In recent days, Ripple’s XRP saw a downside correction from the $0.565 resistance against the US dollar. It dipped below the $0.525 support zone, similar to Bitcoin and Ethereum.
The price even spiked below the $0.480 support zone. A low was formed near $0.4550 and the price is now rising. There was a decent rise above the $0.4650 and $0.480 resistance levels. XRP surpassed the 23.6% Fib retracement level of the downward move from the $0.5650 swing high to the $0.4550 low.
XRP price is now trading below $0.510 and the 100 simple moving average (4 hours). A bullish channel is also forming with support near $0.480 on the 4-hour chart of the XRP/USD pair.
Initial resistance on the upside is near the $0.500 zone. The first major resistance is near the $0.510 level and the 100 simple moving average (4 hours). It is close to the 50% Fib retracement level of the downward move from the $0.5650 swing high to the $0.4550 low.
Source: XRPUSD at TradingView.com
A successful break above the $0.51 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 $0.51 resistance zone, it could trigger another drop. The first support on the downside is near the $0.480 zone and the channel’s trendline.
The next major support is near $0.455. If there is a downside break and an exit below the $0.455 level, the price of XRP could extend losses. In the said case, the price might retest the $0.425 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 – $0.480, $0.455 and $0.420.
Main resistance levels – $0.500, $0.510 and $0.550.