Ripple’s token price is recovering higher from $0.458 against the US Dollar. XRP price could start a fresh rally if it clears the $0.505 and $0.515 resistance levels.
- Ripple’s token price is attempting a move above $0.510 and $0.525 against the US dollar.
- The price is now trading below $0.505 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near $0.4840 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair might gain bullish momentum if there is a close above $0.515.
Ripple’s Token Price Eyes Bullish Break
There was a move above the $0.480 resistance. XRP climbed above the 23.6% Fib retracement level of the downward move from the $0.5490 swing high to the $0.4589 low. Besides, there was a break above a major bearish trend line with resistance near $0.4840 on the 4-hour chart of the XRP/USD pair.
The price is now trading below $0.505 and the 100 simple moving average (4 hours). It seems to be facing resistance near the $0.505 zone.
Source: XRPUSD on TradingView.com
The next major resistance is near the $0.5145 level or the 61.8% Fib retracement level of the downward move from the $0.5490 swing high to the $0.4589 low. The main resistance is forming near $0.525. A successful break above the $0.525 resistance level might start a strong rally toward the $0.570 resistance. Any more gains might call for a test of the $0.600 resistance.
Another Rejection in XRP?
If ripple fails to clear the $0.5145 resistance zone, it could start another decline. Initial support on the downside is near the $0.484 zone.
The next major support is at $0.458. If there is a downside break and a close below the $0.458 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.432 support zone.
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.484, $0.458, and $0.432.
Major Resistance Levels – $0.505, $0.515, and $0.525.
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.