Ripple is showing some positive signs against the US dollar above $ 0.4200. XRP price is likely to rise well above the $ 0.4650 and $ 0.4800 resistance levels.
- Ripple holds the support level at $ 0.4200 and is showing positive signs against the US dollar.
- The price is above $ 0.4500 and the simple moving average of 100 (4 hours).
- On the 4-hour chart of the XRP / USD pair (data source from Kraken) there was a break above a major bearish channel with resistance near USD 0.4500.
- The pair could see a sharp rise if it hits the $ 0.4880 and $ 0.5000 resistance levels.
Ripple’s XRP price is showing positive signs
In the past few days, there has been a slow decline in Ripple XRP that resulted from the resistance at $ 0.4920. The price was below the support level of $ 0.4800 and the simple moving average of 100 (4 hours).
There was also a break below the $ 0.4500 support, but the bulls were active above the $ 0.4200 level. A low is being formed near $ 0.4229 and the price is now rising higher. It broke the $ 0.4380 and $ 0.4400 resistance levels.
The XRP / USD pair’s 4-hour chart broke above a major bearish channel with resistance near $ 0.4500. There was a sharp surge above $ 0.5000 before the pair fell back to $ 0.4480.
Source: XRPUSD on TradingView.com
A low is forming and the pair is now trading above the 23.6% fib retracement level of the downward move from the high of $ 0.5315 to the low of $ 0.4479. It is now above $ 0.4500 and the simple moving average of 100 (4 hours). Immediate resistance is near the $ 0.4880 level. It is close to the 50% Fib retracement level of the downward move from the high of $ 0.5315 to the low of $ 0.4479.
The next key resistance is at $ 0.4200. The main resistance is near the $ 0.4980 and $ 0.5000 levels. A closing price above $ 0.5000 could pump the price towards the $ 0.5500 level.
Fresh drop in XRP?
If the ripple doesn’t remove the $ 0.4800 or $ 0.4880 resistance, it can cause another drop. An initial downward move is near the $ 0.4540 level.
The first big support is near the $ 0.4500 level and the simple moving average of 100 (4 hours). If there is a downside break below the USD 0.4500 support, the bears are likely to aim for a test of the USD 0.4200 level.
4 Hour MACD – The MACD for XRP / USD is slowly 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 – $ 0.4500, $ 0.4450, and $ 0.4200.
Main Resistance Levels – $ 0.4800, $ 0.4880, and $ 0.5000.