- Ripple price started a fresh increase above the 0.5000 and $0.5500 resistance levels against the US dollar.
- The price is now trading well above the $0.5000 zone and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.5400 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair is likely to remain well bid above the $0.5200 and $0.5000 support levels in the near term.
Ripple price is trading in a positive zone above $0.5000 against the US Dollar. XRP price is correcting gains, but the bulls are likely to remain active above $0.5000.
Ripple Price Analysis
After an upside break above the $0.5000 resistance, ripple price started a steady increase against the US Dollar. The XRP/USD pair broke a few many hurdles near $0.5500 and settled well above the 55 simple moving average (4-hours).
The price even cleared the $0.6000 level and traded as high as $0.6440. Recently, there was a downside correction below the $0.6200 and $0.6000 support levels. The price traded below the 23.6% Fib retracement level of the upward move from the $0.3938 swing low to $0.6440 high.
XRP spiked below the $0.5500 support level, but it found support near the 55 simple moving average (4-hours). The 50% Fib retracement level of the upward move from the $0.3938 swing low to $0.6440 high also provided support.
Moreover, there is a key bullish trend line forming with support near $0.5400 on the 4-hours chart of the XRP/USD pair. If there is a downside break below the trend line support, the pair could correct lower towards the $0.5000 support level.
Any more losses below the $0.5000 support and the 55 simple moving average (4-hours) might call for a bearish wave towards $0.3500. Conversely, the price could start a fresh increase above the $0.5650 and $0.5750 levels.
The first major resistance is near the $0.5800 level. A clear break above the $0.5800 resistance may possibly start a fresh increase above the $0.6000 level.
Looking at the chart, ripple price is clearly trading well above the $0.5000 pivot level and the 55 simple moving average (4-hours). Overall, the price is likely to remain well bid above the $0.5200 and $0.5000 support levels.
Technical indicators
4 hours MACD – The MACD for XRP/USD is slowly gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now just below the 50 level.
Key Support Levels – $0.5400, $0.5200 and $0.5000.
Key Resistance Levels – $0.5800 and $0.6000.
