Ripple is up over 15% and it broke the $0.5500 resistance against the US Dollar. XRP price is likely to continue higher towards $0.5800 and $0.6000 levels in the near term.
- Ripple started a fresh increase after it broke the $0.5000 resistance against the US dollar.
- The price is trading nicely above the $0.5200 level and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.4900 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could continue to rise towards $0.6000 unless it fails to stay above $0.4500.
Ripple’s XRP Price is Rising Steadily
After forming a base above $0.3500, ripple’s XRP price started a steady increase. The price cleared a few important hurdles near $0.4000 and $0.4200 to move into a bullish zone.
Recently, the price cleared the $0.5000 resistance level. It is now trading nicely above the $0.5200 level and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.4900 on the 4-hours chart of the XRP/USD pair.
It is testing the 50% Fib retracement level of the key decline from the $0.7600 swing high to $0.3400 swing low. If there is a close above $0.5650, the price is likely to clear the $0.5800 resistance zone.
The next major resistance is sitting near the $0.6000 level. It is close to the 61.8% Fib retracement level of the key decline from the $0.7600 swing high to $0.3400 swing low. Any more gains might lead the price towards the $0.6700 high in the near term.
Dips Supported in XRP?
If ripple fails to climb above the $0.5800 resistance, there could be a short-term downside correction. An initial support on the downside is near the $0.5200 level.
The next major support is near the $0.5000 level and the trend line. A downside break below the trend line support could open the doors for a push towards the $0.4200 support. The main support is now forming near the $0.4000 level and the 100 simple moving average (4-hours).
Technical Indicators
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 – $0.5200, $0.5000 and $0.4000.
Major Resistance Levels – $0.5800, $0.6000 and $0.6700.
