- Ripple price is facing resistance near the $0.550 level against the US dollar.
- The price is now trading above $0.50 and the 55 simple moving average (4 hours).
- There is a major bullish trend line forming with support near $0.5280 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start another major increase above the $0.450 resistance.
Ripple price is rising above $0.510 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.500 support to remain in a bullish zone.
Ripple Price Analysis
After a successful break above the $0.480 level, Ripple price gained bullish momentum against the US Dollar. The XRP/USD pair broke the $0.50 resistance to move into a positive zone.
There was a clear move above the $0.512 resistance and the 55 simple moving average (4 hours). The bulls even pushed the price above the $0.5250 resistance. A high is formed near $0.5464 and the price is now consolidating gains.
It is now trading above $0.500 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.5450. The next major resistance is near the $0.5500 level.
A clear move above the $0.5500 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.5650 resistance. Any more gains might send the price toward the $0.600 resistance. Initial support on the downside is near the $0.5250 level or the 23.6% Fib retracement level of the upward move from the $0.4433 swing low to the $0.5464 high.
There is also a major bullish trend line forming with support near $0.5280 on the 4-hour chart of the XRP/USD pair. The next major support is near the $0.500 level.
The 50% Fib retracement level of the upward move from the $0.4433 swing low to the $0.5464 high is also near the $0.495 level. Any more losses could lead the price toward the $0.480 level, below which the price might even test $0.4650.
Looking at the chart, Ripple price is now trading above the $0.50 zone and the 55 simple moving average (4 hours). Overall, the price could start another major increase above the $0.550 resistance.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.528, $0.525, and $0.500.
Key Resistance Levels – $0.5450 and $0.5500.
