Ripple price is trading in a positive zone above the $0.5000 resistance against the US Dollar. XRP price is likely to retest $0.5500 and it may even continue higher.
Ripple Price Analysis
After forming a base above the $0.4200 zone, ripple price started a strong increase against the US Dollar. The XRP/USD pair broke many hurdles near $0.4800 and $0.5000 to move into a positive zone.
It even settled above the $0.5000 level and the 55 simple moving average (4-hours). The price rallied towards the $0.5500 level and high was formed near $0.5494. Recently, there was a downside correction below the $0.5280 and $0.5250 support levels.
The price even spiked below the 50% Fib retracement level of the upward move from the $0.4594 swing low to $0.5494 high. However, the bulls were able to protect the $0.5000 support zone.
The 61.8% Fib retracement level of the upward move from the $0.4594 swing low to $0.5494 high also acted as a support. Moreover, there is a key rising channel forming with support near $0.4960 on the 4-hours chart of the XRP/USD pair.
The pair is now well above $0.5000 and the 55 simple moving average (4-hours). The first key resistance is near the $0.5300 level. The main resistance is still near $0.5500. A close above the $0.5500 resistance will most likely open the doors for a sharp increase in the coming sessions.
On the downside, the $0.5000 zone is a monster support. If there is a downside break below the $0.5000 support, the price could test the 55 simple moving average (4-hours). The next major support is near the $0.4500 level.
Looking at the chart, ripple price is clearly trading in a positive zone above the $0.5000 zone and the 55 simple moving average (4-hours). Overall, the price is likely to start a strong increase above the $0.5250 and $0.5300 resistance levels.
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 well above the 50 level.
Key Support Levels – $0.5050, $0.5000 and $0.4880.
Key Resistance Levels – $0.5300 and $0.5500.
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