Home CryptocurrencyAnalysis XRP price rises 10% and may extend rally to $0.55 or more

XRP price rises 10% and may extend rally to $0.55 or more

by SuperiorInvest

Ripple started a strong rally above the $0.460 resistance against the US dollar. The price of XRP broke many barriers near $0.478 and could further rise to $0.55.

  • Ripple started a new rally from the key support zone of $0.442 against the US Dollar.
  • The price is now trading nicely above $0.480 and the 100 simple moving average (4 hours).
  • On the 4-hour chart of XRP/USD (data source from Kraken), there was a break above the main bearish trend line with resistance near $0.4600.
  • The pair could continue to rise if there is a close above the $0.5000 resistance.

Ripple Price Rally to $0.50

Yesterday we talked about how ripple’s XRP is poised for a rally and only one thing is holding it back against the US dollar. XRP formed a base above the $0.4220 level and started a steady rise above $0.4400.

The price picked up momentum to move above the $0.450 resistance. The bulls were able to break the key barriers near the $0.478 and $0.480 levels. It opened the door for further gains above the $0.488 level. The price was able to clear the 50% Fib retracement level of the key decline from the $0.5486 swing high to the $0.4220 swing low.

Additionally, there was a break above the main bearish trendline with resistance near $0.4600 on the 4-hour chart of the XRP/USD pair. The price is up almost 10%, which is a better performance ethereum and bitcoin.

XRP price is now trading nicely above $0.480 and the 100 simple moving average (4 hours). It now faces hurdles near $0.500. It is near the 61.8% Fib retracement level of the key decline from the $0.5486 swing high to the $0.4220 swing low.

Source: XRPUSD on TradingView.com

A successful break above the $0.500 and $0.505 resistance levels could trigger another rally. Another key resistance is near the $0.52 level, above which the bulls are likely to aim to retest the $0.55 barrier. Any further gains could send the price towards the $0.60 level.

Dips Limited in XRP?

If the ripple fails to clear the $0.500 resistance zone, it could trigger a downward correction. Initial downside support is near the $0.485 level.

Another major support is near $0.465. If it breaks to the downside and closes below the $0.465 level, xrp price could extend its losses. In the said case, the price could even fall below the $0.450 support.

Technical indicators

4-Hours MACD – The MACD for XRP/USD is now picking up momentum in the bearish zone.

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

Major support levels – $0.485, $0.465 and $0.450.

Major resistance levels – $0.500, $0.520 and $0.550.

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