Home CryptocurrencyAnalysis Key Upside Break Could Trigger Rally to $0.5

Key Upside Break Could Trigger Rally to $0.5

by SuperiorInvest

Ripple is steadily rising above the $0.380 resistance zone against the US dollar. XRP price could rise further if it clears the $0.4320 resistance zone.

  • Ripple is currently rising above the $0.38 resistance zone against the US dollar.
  • The price is now trading above $0.380 and the 100 simple moving average (4 hours).
  • A key bullish trendline is forming with support near $0.3960 on the 4-hour chart of XRP/USD (data source from Kraken).
  • The pair could strengthen further if there is a clear move above the $0.4320 resistance zone.

Ripple Price starts with constant growth

After forming a base above $0.32, XRP ripple started a steady rise against the US dollar. The price climbed above the $0.35 resistance zone and moved into the positive zone.

The bulls pushed the price above the $0.365 level and the 100 simple moving average (4 hours). The increase was such that the price of xrp even soared above the $0.40 level. It traded to a new yearly high of $0.4324 and is currently consolidating gains, similar to bitcoin.

The price is now trading above $0.380 and the 100 simple moving average (4 hours). A key bullish trend line is also forming on the 4-hour chart of XRP/USD with support near $0.3960. The pair is stable above the 23.6% Fib retracement level of the move up from the $0.3655 swing low to the $0.4324 high.

Source: XRPUSD on TradingView.com

Immediate resistance is near the $0.432 zone. Another key resistance is near the $0.45 level. A successful break of the $0.450 resistance can send the price towards the $0.480 resistance. Any further gains could send the price towards the $0.50 level in the coming sessions.

Dips Limited in XRP?

If the ripple fails to clear the $0.432 resistance zone, it could trigger a downward correction. Initial downside support is near the $0.416 level.

Another major support is near $0.400 and the trend line. It is near the 50% Fib retracement level of the upside move from the $0.3655 low to $0.4324 high. If it breaks to the downside and closes below the $0.40 level, xrp price could extend its losses. In the said case, the price could even fall below the $0.365 support.

Technical indicators

4-Hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.

4-Hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major support levels – $0.416, $0.400 and $0.392.

Major resistance levels – $0.432, $0.450 and $0.480.

Source Link

Related Posts

%d bloggers like this: