XRP price may regain strength above key resistance.
Ripple’s token price is currently increasing from $0.4560 against the US Dollar. If it manages to surpass the $0.4960 resistance zone, XRP’s price may experience bullish momentum.
- Ripple’s token price is gradually rising towards the $0.4960 resistance against the US dollar.
- The current price is above $0.48 and the 100 simple moving average (4 hours).
- On the 4-hour chart of the XRP/USD pair (data source from Kraken), there is a significant bullish trend line forming with support near $0.4860.
- If the pair successfully clears the $0.4960 resistance in the near future, the price may continue to rise.
Ripple’s Token Price Starts Fresh Increase
Last week, Ripple’s XRP experienced a downward correction from the $0.5265 resistance against the US Dollar. It dropped below the $0.500 support zone and even briefly fell below the $0.465 support.
A low was reached near $0.4460, but now the price is rising, similar to Bitcoin and Ethereum. It has surpassed the $0.455 and $0.465 resistance levels. XRP has also exceeded the 50% Fib retracement level of the downward move from the $0.5265 swing high to the $0.4460 low.
XRP’s price is currently trading above $0.480 and the 100 simple moving average (4 hours). On the 4-hour chart of the XRP/USD pair, there is a key bullish trend line forming with support near $0.4860.
- Lido (LDO) sustains 16% weekly gain, what fuels it?
- Top Crypto Gainers Today – July 2023
- Twitter’s rate limit cut diminishes crypto visibility on Google.
The initial resistance on the upside is close to the $0.4960 zone, which is near the 61.8% Fib retracement level of the downward move from the $0.5265 swing high to the $0.4460 low. The next major resistance level is near $0.5050.
Source: XRPUSD on TradingView.com
If the price successfully breaks above the $0.505 resistance level, it may rise towards the $0.525 resistance. Further gains could potentially lead to a test of the $0.550 resistance.
Fresh Decline in XRP?
If Ripple fails to clear the $0.496 resistance zone, it could experience another decline. The initial support on the downside is near the $0.486 zone and the trend line.
The next major support level is around $0.476. If there is a downside break and the price closes below the $0.476 level, XRP’s price could continue to decline. In that case, the price may retest the $0.456 support zone.
4-Hours MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.485, $0.476, and $0.456.
Major Resistance Levels – $0.496, $0.505, and $0.525.