Ripple started a sharp surge from the USD 0.4400 support zone against the US dollar. The XRP price is now trading well above $ 0.5500 and should continue to climb above $ 0.6000.
- The ripple is up over 10%, removing the main $ 0.5000 resistance zone against the US dollar.
- The price is now above $ 0.5500 and the simple moving average of 100 (4 hours).
- A key bullish trendline is forming on the 4-hour chart of the XRP / USD pair (data source from Kraken) with support near USD 0.5200.
- The pair could likely stay above the $ 0.5950 and $ 0.6000 resistance levels.
Ripple’s XRP price is gaining momentum
For the past few days, Ripple’s XRP has formed a strong support base above $ 0.4500. The price started rising again, breaking many key hurdles near the $ 0.5000 level.
The bulls gained strength above the $ 0.5000 zone. The price even broke the $ 0.5500 resistance and was well above the 100 simple moving average (4 hours). Eventually the price tested the $ 0.6000 resistance and a high was formed near $ 0.6005.
XPR clears Bitcoin and Ethereum with strong moves above $ 0.5500. Recently, there has been a downside correction below the fib retracement level of 23.6% of the move up from the $ 0.4963 low to the $ 0.6005 high.
Source: XRPUSD on TradingView.com
However, the bulls were active near the $ 0.5500 zone. The price also found support near the 50% fib retracement level of the move up from the low of $ 0.4963 to the high of $ 0.6005.
It is currently rising and it is likely to revisit the USD 0.6000 resistance. If there is a significant break above the $ 0.6000 zone, there is a high probability that the values will hover around $ 0.6200 and $ 0.6320.
Fresh drop in XRP?
If the ripple doesn’t clear the $ 0.5950 or $ 0.6000 resistance, a downward correction can be initiated. Initial downside support is near the $ 0.5600 level.
The first major support is near the $ 0.5500 level. Further losses could move the price towards the USD 0.5000 support zone. The main support is now forming near the $ 0.4750 level and the 100 simple moving average (4 hours).
4 Hour MACD – The MACD for XRP / USD is now picking up pace in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP / USD is now above the 50 level.
Major support levels – $ 0.5600, $ 0.5500, and $ 0.5000.
Main Resistance Levels – $ 0.5950, $ 0.6000, and $ 0.6200.