Ripple’s token price is rising above the $0.52 resistance against the US Dollar. XRP price is trading in a bullish zone while ADA, BNB, and other altcoins bleed.
Ripple’s token price is holding gains above the $0.500 resistance against the US dollar. The price is now trading above $0.515 and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $0.535 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might continue to rise if it clears the $0.545 and $0.550 resistance levels.Ripple’s Token Price Holds Ground
In the past few days, Ripple’s XRP saw a downside correction from the $0.540 resistance against the US Dollar. It dipped below the $0.52 support zone and saw bearish moves, similar to Bitcoin and Ethereum.
However, the bulls were active near the $0.475 zone. A low was formed near $0.4752 and the price is now rising. It trimmed most of its losses while ADA and BNB were tumbling. XRP surpassed the 50% Fib retracement level of the downward move from the $0.5411 swing high to the $0.4752 low.
XRP price is now trading above $0.515 and the 100 simple moving average (4 hours). It is testing the 76.4% Fib retracement level of the downward move from the $0.5411 swing high to the $0.4752 low.
Source: XRPUSD on TradingView.com
Initial resistance on the upside is near the $0.535 zone. There is also a key bearish trend line forming with resistance near $0.535 on the 4-hour chart of the XRP/USD pair. The first major resistance is near the $0.545 level. A successful break above the $0.545 resistance level might send the price toward the $0.565 resistance. Any more gains might call for a test of the $0.580 resistance.
Fresh Decline in XRP?
If ripple fails to clear the $0.535 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.515 zone.
The next major support is near $0.501. If there is a downside break and a close below the $0.501 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.480 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.515, $0.501, and $0.480.
Major Resistance Levels – $0.535, $0.545, and $0.550.
