Ripple token price is rising above the $0.52 resistance against the US dollar. XRP price is trading in a bullish zone as ADA, BNB and other altcoins bleed.
- Ripple’s token price is holding gains above the $0.500 resistance against the US dollar.
- The price is now trading above $0.515 and the 100 simple moving average (4 hours).
- A major bearish trendline is forming with resistance close to $0.535 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise if it crosses the $0.545 and $0.550 resistance levels.
Ripple token price is holding up
In recent days, Ripple’s XRP saw a downside correction from the $0.540 resistance against the US dollar. It dipped below the $0.52 support zone and saw bearish moves similar to Bitcoin and Ethereum.
However, the bulls were active near the $0.475 zone. A low was formed near $0.4752 and the price is now rising. It compressed most of its losses while ADA and BNB were tumbling. XRP surpassed the 50% Fib retracement level of the downward move from the $0.5411 swing high to the $0.4752 low.
XRP price is now trading above $0.515 and the 100 simple moving average (4 hours). It tests the 76.4% Fib retracement level of the downward move from the $0.5411 swing high to the $0.4752 low.
Source: XRPUSD at TradingView.com
Initial resistance on the upside is near the $0.535 zone. A major bearish trendline is also forming with resistance close to $0.535 on the 4-hour chart of the XRP/USD pair. The first major resistance is near the $0.545 level. A successful break above the $0.545 resistance level could send the price towards the $0.565 resistance. Any further gains may require a test of the $0.580 resistance.
New Decline in XRP?
If Ripple fails to clear the $0.535 resistance zone, it could trigger a downside correction. The first support on the downside is near the $0.515 zone.
The next major support is near $0.501. If there is a downside break and a close falls below the $0.501 level, the price of XRP could add to losses. In the said case, the price might retest the $0.480 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 – $0.515, $0.501 and $0.480.
Key resistance levels – $0.535, $0.545 and $0.550.