XRP price is gaining pace above the $0.50 resistance against the US dollar. The SEC’s case against Ripple executives was dismissed, leading to bullish moves.
- The price started a strong rise above the USD 0.50 resistance.
- The price is now trading above USD 0.505 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trendline with resistance near $0.4885 on the 4-hour chart of the XRP/USD pair (Kraken data source).
- The pair could correct lower, but the bulls could remain active around $0.50.
XRP Price Rises 10%
After forming a base above the USD 0.480 level, XRP started a fresh rise. Recently, the SEC dropped the case against Ripple executives. It led to a sharp rise in XRP above the $0.50 resistance.
There was a break above a major bearish trendline with resistance near $0.4885 on the 4-hour chart of the XRP/USD pair. The pair even broke the 50% Fib retracement level of the key decline from the $0.5510 swing high to the $0.4730 low.
The XRP price is now trading above USD 0.505 and the 100 simple moving average (4 hours). It also helps Bitcoin, Ethereum, Solana and other cryptocurrencies move higher.
On the upside, immediate resistance is near the $0.524 level or the 61.8% Fib retracement level of the main decline from the $0.5510 swing high to the $0.4730 low. The first major resistance is around the $0.532 level. A close above the USD 0.532 level could send the price towards the USD 0.550 resistance.
Source: XRPUSD on TradingView.com
If the bulls continue to act above the USD 0.550 resistance level, a drift towards the USD 0.565 resistance level could occur. Any further gains could send XRP towards the USD 0.585 resistance.
Are dips limited?
If XRP fails to break the USD 0.524 resistance zone, a downward correction could occur. The initial downside support is near the $0.512 zone.
The next major support is at USD 0.505. If there is a downside break and a close below the USD 0.505 level, the price may accelerate lower. In the said case, the price could retest the USD 0.4850 support zone.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now losing pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major support levels – $0.512, $0.505 and $0.485.
Major resistance levels – $0.524, $0.532 and $0.550.