Ripple is up more than 10% and broke the USD 0.4500 resistance against the US dollar. XRP price is showing positive signs and is likely to continue to rise towards USD 0.5000 and USD 0.5500.
- Ripple is slowly moving towards the USD 0.5000 resistance zone against the US dollar.
- The price is trading nicely above the USD 0.4500 pivot point and the simple 100 (4 hours) moving average.
- There was a break above a major contractile triangle with a resistance near USD 0.4350 on the XRP / USD pair’s 4-hour chart (Kraken data source).
- The pair could continue to move up towards USD 0.5000 unless it does not stay above USD 0.4200.
Ripple’s XRP price is gaining bullish momentum
After a slight drop, Ripple’s XRP price took a strong buying interest close to the USD 0.4000 level. The price started to climb again and it cleared the USD 0.4200 resistance to move into a bullish zone.
There was a break above a major contractile triangle with a resistance near USD 0.4350 on the XRP / USD pair’s 4-hour chart. The pair surpassed the 23.6% Fib retracement level on the downward movement of the swing high from $ 0.7450 to $ 0.3424 low.
Source: XRPUSD on TradingView.com
The price is now trading nicely above the USD 0.4500 pivot point and the simple 100 (4 hour) moving average. An immediate resistance on the upside is near the USD 0.5000 level.
The next big resistance is near USD 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 profits could open the doors for a push above USD 0.5660 and USD 0.5800. In the case mentioned, the price could even climb above the USD 0.6000 level.
Dips in XRP?
If the ripple does not move above the USD 0.5000 resistance, a downside correction could occur in the near term. An initial support on the downside is near USD 0.4500.
The next big support is near the USD 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. Even more losses could push the price into the USD 0.4000 support zone.
4-Hours MACD – The MACD for XRP / USD is gaining pace in the bullish zone.
4-Hour RSI (Relative Strength Index) – The RSI for XRP / USD is now well above the 50 level.
Key Support Levels – USD 0.4500, USD 0.4320 and USD 0.4200.
Key Resistance Levels – USD 0.5000, USD 0.5445 and USD 0.6000.