The ripple is up over 10%, breaking the $ 0.4500 resistance against the US dollar. XRP price is showing positive signs and is likely to continue rising towards $ 0.5000 and $ 0.5500.
- The ripple is slowly rising towards the USD 0.5000 resistance zone against the US dollar.
- The price is trading well above the $ 0.4500 pivot level and the simple moving average of 100 (4 hours).
- On the 4-hour chart of the XRP / USD pair (data source from Kraken) there was a break above a major contraction triangle with resistance near USD 0.4350.
- The pair could continue to climb towards $ 0.5000 if it does not stay above $ 0.4200.
Ripple’s XRP price wins bullishly
After a slight decline, Ripple’s XRP price found strong buying interest near the $ 0.4000 level. The price started rising again, breaking the $ 0.4200 resistance to enter a bullish zone.
The XRP / USD pair’s 4-hour chart saw a break above a major contraction triangle with resistance near $ 0.4350. The pair exceeded the 23.6% fib retracement level of the downward move from the high of $ 0.7450 to the low of $ 0.3424.
Source: XRPUSD on TradingView.com
The price is now trading well above the $ 0.4500 pivot level and the simple moving average of 100 (4 hours). Immediate resistance to the upside is near the $ 0.5000 level.
The next major resistance is near $ 0.5445. It is close to the 50% Fib retracement level of the move down from the high of $ 0.7450 to the low of $ 0.3424. Further gains could open the doors to a push above the $ 0.5660 and $ 0.5800 levels. In the specified case, the price can even rise above the USD 0.6000 level.
Diving into XRP?
If the ripple does not exceed the $ 0.5000 resistance, there may be a short-term downward correction. An initial downward move is near the $ 0.4500 level.
The next big support is near the $ 0.4320 level. A downside break below the USD 0.4320 support zone could open the doors for a push towards the USD 0.4200 support. Further losses could move the price towards the USD 0.4000 support zone.
Technical indicators
4 Hour MACD – The MACD for XRP / USD is picking up pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is now well above the 50 level.
Major support levels – $ 0.4500, $ 0.4320, and $ 0.4200.
Main Resistance Levels – $ 0.5000, $ 0.5445, and $ 0.6000.
