Ripple started a fresh surge above the $ 0.4000 resistance against the US dollar. XRP price should continue to rise once it clears the resistance at $ 0.4650.
- The ripple is up over 15% and has broken a large resistance near $ 0.4200 against the US dollar.
- The price is trading well above $ 0.4400 and the 100-day simple moving average.
- There is still an important bearish trendline on the daily chart of the XRP / USD pair (data source from Kraken) with resistance near USD 0.4650.
- The pair could see a sharp rise if there is a significant break above the trendline and $ 0.4700.
Ripple’s XRP price starts new rally
After a support base above $ 0.3800 formed, Ripple’s XRP price soared. There was a significant break above the $ 0.4000 and $ 0.4200 (better than Bitcoin) resistance levels.
There was a significant break above the 50% Fib retracement level of the move down from the high of $ 0.5359 to the low of $ 0.3424. The price is now trading well above $ 0.4400 and the 100-day simple moving average. There are many positive signs above the $ 0.4500 level.
Source: XRPUSD on TradingView.com
Immediate resistance is near the $ 0.4620 level. It is close to the 61.8% Fib retracement level of the downward move from the high of $ 0.5359 to the low of $ 0.3424.
The main resistance is forming near the $ 0.4650 level. There is still an important bearish trendline on the daily chart of the XRP / USD pair with resistance near USD 0.4650. A sharp break above the trendline resistance could open the doors for a sharp rise towards the USD 0.5000 resistance. The next major resistance above the $ 0.5000 level could be near the $ 0.5800 level.
Dips supported in XRP?
If the ripple doesn’t remove the $ 0.4620 resistance or trendline, it may correct lower. Initial support is near the $ 0.4400 level. The first major support is near the $ 0.4200 level.
Main support could be near the USD 0.3500 level and the 100-day SMA. If the price does not stay above $ 0.3500 it could dip towards the $ 0.3400 support zone where the bulls are likely to take a strong position.
Daily MACD – The MACD for XRP / USD is now gaining momentum in the bullish zone.
Daily RSI (Relative Strength Index) – The RSI for XRP / USD is well above the 50 level.
Major support levels – $ 0.4400, $ 0.4200, and $ 0.4000.
Main Resistance Levels – $ 0.4650, $ 0.5000, and $ 0.5800.