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
After another drop, Ripple’s XRP found support near the $0.458 zone against the US Dollar. The price traded as low as $0.4589 and recently started a fresh increase, like Bitcoin and Ethereum.
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:
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.
Technical Indicators
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.