Ripple started a strong rally after it moved above USD 0.3000 against the US dollar. XRP price is up more than 50% and it even cleared the $ 0.5000 barrier to moving into a positive zone.
- Ripple started a surge after there was a break of more than USD 0.3000 and USD 0.4000 against the US dollar.
- The price is now trading well above USD 0.5000 and the 100-day simple moving average.
- There was a break above a major bearish trendline with resistance at $ 0.5000 on the daily chart of the XRP / USD pair (data source from Kraken).
- The pair is likely to rise steadily towards the USD 0.6500 and USD 0.6800 resistance levels in the near term.
Ripple’s XRP price is up more than 50%
After a few days of consolidation above the USD 0.2400 level, ripple XRP price started to rally sharply. There was a clear break above the USD 0.3000 resistance zone, opening the doors for a surge.
There was a 50% rally and the price cleared many hurdles, starting with $ 0.4000 (outperformance bitcoin and ethereum). The price surpassed the 50% Fib retracement level of the main downward move on the swing high from $ 0.7877 to $ 0.1715 low. There was also a break above a major bearish trendline with resistance near USD 0.5000 on the daily chart of the XRP / USD pair.
Source: XRPUSD on TradingView.com
The pair is now trading well above USD 0.5000, and the 100-day simple moving average. An immediate resistance is near the USD 0.6420 level. It is close to the 76.4% Fib retracement level of the key down move from the $ 0.7877 swing high to the $ 0.1715 low.
The next big resistance is near the USD 0.6800 zone, above which the bulls could aim a test of the USD 0.7500 resistance level in the near term. An intermediate resistance could be near the USD 0.7280 level.
Downsides limited in XRP?
If ripple starts a downside correction, it is likely to remain stable around USD 0.5500. The first major support is near the USD 0.5200 level.
The main support could be near the USD 0.5000 level and the broken trendline. If the price does not stay above USD 0.5000, there could be a downward expansion into the USD 0.4000 support zone.
Daily MACD – The MACD for XRP / USD is gaining momentum in the bullish zone.
Daily RSI (Relative Strength Index) – The RSI for XRP / USD is now well above the 60 level and in overbought conditions.
Key Support Levels – USD 0.5500, USD 0.5200 and USD 0.5000.
Key Resistance Levels – USD 0.6000, USD 0.6420 and USD 0.6800.