Ripple is gaining pace above the $0.420 and $0.440 resistance levels against the US Dollar. XRP price is up over 5% and there could be more upsides in the near term.
- Ripple is gaining pace above the $0.465 resistance against the US dollar.
- The price is now trading above $0.465 and the 100 simple moving average (4-hours).
- There is a key rising channel forming with support near $0.4720 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair might continue to rise towards $0.500 or even $0.520 in the near term.
Ripple Price Outperforms Bitcoin and Ethereum
This past week, ripple’s XRP corrected gains and tested the $0.420 support against the US Dollar. The price remained well bid above the $0.420 zone and recently started a fresh increase.
There was a clear move above the $0.435 and $0.440 resistance levels. The price is up over 25% in the past few days, outperforming bitcoin and ethereum. There was a break above the 50% Fib retracement level of the downward move from the $0.4926 swing high to $0.4096 low.
XRP price is now trading above $0.465 and the 100 simple moving average (4-hours). There is also a key rising channel forming with support near $0.4720 on the 4-hours chart of the XRP/USD pair.
It is attempting a close above the 76.4% Fib retracement level of the downward move from the $0.4926 swing high to $0.4096 low. On the upside, an initial resistance is near the $0.4920 zone.
Source:
The first major resistance is near the $0.500 level. The next key resistance is near the $0.520 level. A successful break above the $0.520 resistance might send the price towards the $0.550 resistance. Any more gains might send the price towards the $0.580 level.
Dips Supported in XRP?
If ripple fails to clear the $0.492 resistance zone, it could start a downside correction. An initial support on the downside is near the $0.4720 level and the channel trend line.
The next major support is near $0.460. If there is a downside break and close below the $0.460 level, XRP price could extend losses. In the stated case, the price could even test the $0.420 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 – $0.472, $0.460 and $0.420.
Major Resistance Levels – $0.492, $0.500 and $0.520.