Ripple is consolidating above the major support zone of $ 0.4500 against the US dollar. XRP price is showing bullish signs and could soon rise above the $ 0.5000 resistance.
- Ripple formed a support base above $ 0.4500 and rebounded higher against the US dollar.
- The price is now trading well above the $ 0.4500 support and the 100-hour simple moving average.
- A major bullish trendline is forming on the hourly chart of the XRP / USD pair (data source from Kraken) with support near USD 0.4630.
- The pair is likely to remain above the $ 0.4880 and $ 0.5000 resistance levels.
Ripple price is showing positive signs
In the past two to three sessions, Bitcoin and Ethereum have seen strong upward movements against the US dollar. The XRP price is also stable and it appears that a strong support base is forming above the $ 0.4500 level.
There has recently been a surge above the USD 0.4660 resistance. The price even surged above the $ 0.4800 level but failed near the $ 0.4880 level. As a result, there has been a downward correction below the $ 0.4800 level. The 23.6% decline in the fib retracement level of the uptrend from the low of $ 0.4557 to the high of $ 0.4900.
The XRP even rose below $ 0.4720 but remained well bid above $ 0.4620. A major bullish trendline is also forming on the hourly chart of the XRP / USD pair with support near the USD 0.4630. The trendline is close to the 50% Fib retracement level of the move up from the low of $ 0.4557 to the high of $ 0.4900.
Source: XRPUSD on TradingView.com
The price is now trading well above the $ 0.4500 support and the 100-hour simple moving average. Immediate resistance is near the $ 0.4880 level. A clear break above $ 0.4880 will most likely open the doors to a rally above the $ 0.5000 level. The next key resistance could be $ 0.5500.
Downsides Limited in XRP?
If there is no upward movement of the ripple above $ 0.4880 and $ 0.5000 it could result in a lower correction. An initial downward move is near the $ 0.4720 level.
The main support is near the trendline and at $ 0.4550. A downside break below the trendline and $ 0.4550 could put heavy pressure on the bulls in the short term.
Hourly MACD – The MACD for XRP / USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP / USD is currently well above the 50 level.
Major support levels – $ 0.4720, $ 0.4600, and $ 0.4550.
Main Resistance Levels – $ 0.4880, $ 0.5000, and $ 0.5500.