Ripple price is rising steadily above $0.520 against the US Dollar, unlike bitcoin. XRP price must clear $0.550 to continue higher in the coming sessions.
Ripple Price Analysis
After forming a base near the $0.4350 zone, ripple price started a fresh increase against the US Dollar. The XRP/USD pair was able to clear the $0.4800 resistance zone.
The price even broke the $0.5000 resistance and the 55 simple moving average (4-hours). XRP climbed above the $0.5250 resistance zone, but it faced sellers near the $0.5500 zone. A high was formed near $0.5479 and the price is now consolidating gains.
It is now trading above $0.5000 and the 55 simple moving average (4-hours). An initial support on the downside is near the $0.5220 level. There is also a major bullish trend line forming with support near 0.5220 on the 4-hours chart of the XRP/USD pair.
The trend line is near the 23.6% Fib retracement level of the upward move from the $0.4382 swing low to $0.5479 high. The next major support is near the $0.4920 level and the 55 simple moving average (4-hours). It is close to the 50% Fib retracement level of the upward move from the $0.4382 swing low to $0.5479 high.
Any more losses could lead the price towards the $0.4800 level, below which the price might even test $0.4550. On the upside, the price is facing resistance near $0.5480.
The next major resistance is near the $0.5500 level. A clear move above the $0.5500 resistance zone might start a fresh increase. In the stated case, the price could even surpass the $0.5800 resistance. Any more gains might send the price towards the $0.6200 resistance.
Looking at the chart, ripple price is now trading above the $0.5000 zone and the 55 simple moving average (4-hours). Overall, the price could gain bullish momentum if it clears the $0.5500 resistance zone in the near term.
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 – $0.5220, $0.5000 and $0.4920.
Key Resistance Levels – $0.5480 and $0.5500.
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