Charted: Ripple (XRP) Signaling Fresh Rally To $0.55, Dips Supported
Ripple is up over 10% and it broke the $0.4500 resistance against the US Dollar. XRP price is showing positive signs and it is likely to continue higher towards $0.5000 and $0.5500.
- Ripple is slowly moving higher towards the $0.5000 resistance zone against the US dollar.
- The price is trading nicely above the $0.4500 pivot level and the 100 simple moving average (4-hours).
- There was a break above a key contracting triangle with resistance near $0.4350 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise towards $0.5000 unless it fails to stay above $0.4200.
Ripple’s XRP Price is Gaining Bullish Momentum
After a minor decline, ripple’s XRP price found a strong buying interest near the $0.4000 level. The price started a fresh increase and it cleared the $0.4200 resistance to move into a bullish zone.
There was a break above a key contracting triangle with resistance near $0.4350 on the 4-hours chart of the XRP/USD pair. The pair surpassed the 23.6% Fib retracement level of the downward move from the $0.7450 swing high to $0.3424 low.
Source: XRPUSD on TradingView.com
The price is now trading nicely above the $0.4500 pivot level and the 100 simple moving average (4-hours). An immediate resistance on the upside is near the $0.5000 level.
The next major resistance is near the $0.5445. It is close to the 50% Fib retracement level of the downward move from the $0.7450 swing high to $0.3424 low. Any more gains could open the doors for a push above the $0.5660 and $0.5800 levels. In the stated case, the price may even climb above the $0.6000 level.
Dips in XRP?
If ripple fails to climb above the $0.5000 resistance, there could be a short-term downside correction. An initial support on the downside is near the $0.4500 level.
The next major support is near the $0.4320 level. A downside break below the $0.4320 support zone could open the doors for a push towards the $0.4200 support. Any more losses could lead the price towards the $0.4000 support zone.
4-Hours MACD – The MACD for XRP/USD is gaining pace in the bullish zone.
4-Hours 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.
Major Resistance Levels – $0.5000, $0.5445 and $0.6000.