HomeAltcoin NewsRipple Price Analysis: Bulls Aim Fresh Rally Above $0.50

Ripple Price Analysis: Bulls Aim Fresh Rally Above $0.50

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  • Ripple price is slowly moving higher towards the $0.4800 and $0.5000 resistance levels against the US dollar.
  • The price is now stable above the $0.4450 zone and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $0.4500 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair is likely to continue higher once it clears the $0.4800 and $0.5000 resistance levels.

Ripple price is showing a few positive signs above $0.4500 against the US Dollar. XRP price could start a strong increase if there is a daily close above $0.5000.

Ripple Price Analysis

After struggling to clear the $0.5000 resistance, ripple price corrected lower against the US Dollar. The XRP/USD pair traded below the $0.4900 and $0.4820 support levels.

There was also a break below the $0.4800 support zone. The price dipped below the 23.6% Fib retracement level of the upward move from the $0.3948 low to $0.4941 high. However, the bulls are protecting sharp losses below the $0.4500 level.

The price is now stable above the $0.4450 zone and the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $0.4500 on the 4-hours chart of the XRP/USD pair.

It is trading nicely above the 50% Fib retracement level of the upward move from the $0.3948 low to $0.4941 high. If there is a downside break below the $0.4450 support and the 55 simple moving average (4-hours), there is a risk of a sharp decline in the coming sessions.

The next major support is near the $0.4200 level. On the upside, an initial resistance is near the $0.4800 level. The main resistance is still near the $0.5000 level. If there is a daily close above $0.5000, the price could rise steadily towards the $0.5200 and $0.5400 levels.

Ripple Price
Ripple Price

Looking at the chart, ripple price is clearly trading well above the $0.4450 zone and the 55 simple moving average (4-hours). Overall, the price is likely to continue higher once it clears the $0.4800 and $0.5000 resistance levels.

Technical indicators

4 hours MACD – The MACD for XRP/USD is struggling to gain momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 50 level.

Key Support Levels – $0.4500, $0.4450 and $0.4200.

Key Resistance Levels – $0.4800 and $0.5000.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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