Ripple token price is climbing above the $0.50 resistance against the US Dollar. XRP price is signaling more upward moves towards $0.55 or $0.565.
- Ripple token price started a decent surge above the $0.500 resistance against the US Dollar.
- The price is now above $0.505 and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.5050 on the 4-hours chart of the XRP/USD pair (data source by Kraken).
- The pair could continue higher towards the $0.545 and $0.550 resistance levels.
Ripple price forming uptrend
For the past few days, Ripple’s XRP has been gaining bullish momentum above the $0.45 resistance against the US Dollar. It outperformed Bitcoin and Ethereum to start a steady uptrend above $0.465.
There was a clear move above the $0.480 and $0.488 resistance levels. Eventually, the bulls were able to push the price above $0.500. A high is forming at $0.5286 and the price has seen a slight downward correction recently. There was a move below the 23.6% Fib retracement level of the upwave from the $0.4432 swing low to the $0.5286 high.
XRP price is still above $0.505 and the 100 simple moving average (4-hours). There is also a key bullish trend line forming with support near $0.5050 on the 4-hour chart of the XRP/USD pair.
Source: XRPUSD on TradingView.com
Initial resistance on the upside is near the $0.5250 zone. The first major resistance is near the $0.532 level. A successful break above the $0.532 resistance level could propel the price towards the $0.550 resistance level. Further gains may require a test of the $0.565 resistance level.
Are breaks in XRP supported?
If Ripple fails to clear the $0.525 resistance zone, a downside correction might occur. Initial support on the downside is near the $0.505 zone and the trend line.
The next major support is around $0.500. If there is a downside break and a close below $0.50, XRP price might extend its losses. In the mentioned case, the price could test the $0.486 support zone or the 50% Fib retracement level of the upwave from the $0.4432 swing low to the $0.5286 high.
Technical indicators
4-hour MACD – The MACD for XRP/USD is now picking up pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now in the overbought territory.
Key support levels – $0.505, $0.500 and $0.486.
Major resistance levels – $0.525, $0.532 and $0.550.
