- Ripple price is gaining pace above the $0.512 support against the US dollar.
- The price is now trading above $0.510 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $0.5045 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start another increase if it stays above $0.5100.
Ripple price is rising above $0.5100 against the US Dollar, unlike Bitcoin. XRP price must stay above $0.510 to continue higher in the near term.
Ripple Price Analysis
After finding bids near $0.490, Ripple price started a fresh increase against the US Dollar. The XRP/USD pair traded as low as $0.4907 and recovered above $0.505.
The price gathered pace and climbed above the $0.5120 resistance zone. There was also a break above a key bearish trend line with resistance near $0.5045 on the 4-hour chart of the XRP/USD pair. The pair even surged toward the $0.550 resistance zone.
A high was formed near $0.5492 and the price recently corrected gains. There was a move below the $0.525 level. It traded below the 50% Fib retracement level of the upward move from the $0.4907 swing low to the $0.5493 high.
XRP price is now trading above $0.510 and the 55 simple moving average (4 hours). It is also above the 61.8% Fib retracement level of the upward move from the $0.4907 swing low to the $0.5493 high.
On the upside, the price is facing resistance near $0.535. The next major resistance is near the $0.542 level. The main resistance is now forming near the $0.550 zone. A clear move above the $0.542 and $0.550 levels might start a steady increase. In the stated case, the price could test the $0.585 resistance. Any more gains might send the price toward the $0.600 resistance.
Initial support on the downside is near the $0.5150 level. The next major support is near the $0.510 level, below which the price could gain bearish momentum toward the $0.5045 support. Any more losses could lead the price toward the $0.490 level.
Looking at the chart, Ripple price is now trading above the $0.510 zone and the 55 simple moving average (4 hours). Overall, the price could start another increase if it stays above $0.5100.
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 – $0.5120, $0.5045, and $0.500.
Key Resistance Levels – $0.535 and $0.550.
