HomeAltcoin NewsRipple Price Analysis: Bulls In Control Above $0.50

Ripple Price Analysis: Bulls In Control Above $0.50

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  • Ripple price is facing resistance near the $0.550 level against the US dollar.
  • The price is now trading above $0.50 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $0.5280 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another major increase above the $0.450 resistance.

Ripple price is rising above $0.510 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.500 support to remain in a bullish zone.

Ripple Price Analysis

After a successful break above the $0.480 level, Ripple price gained bullish momentum against the US Dollar. The XRP/USD pair broke the $0.50 resistance to move into a positive zone.

There was a clear move above the $0.512 resistance and the 55 simple moving average (4 hours). The bulls even pushed the price above the $0.5250 resistance. A high is formed near $0.5464 and the price is now consolidating gains.

It is now trading above $0.500 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.5450. The next major resistance is near the $0.5500 level.

A clear move above the $0.5500 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.5650 resistance. Any more gains might send the price toward the $0.600 resistance. Initial support on the downside is near the $0.5250 level or the 23.6% Fib retracement level of the upward move from the $0.4433 swing low to the $0.5464 high.

There is also a major bullish trend line forming with support near $0.5280 on the 4-hour chart of the XRP/USD pair. The next major support is near the $0.500 level.

The 50% Fib retracement level of the upward move from the $0.4433 swing low to the $0.5464 high is also near the $0.495 level. Any more losses could lead the price toward the $0.480 level, below which the price might even test $0.4650.

Ripple Price
Ripple Price

Looking at the chart, Ripple price is now trading above the $0.50 zone and the 55 simple moving average (4 hours). Overall, the price could start another major increase above the $0.550 resistance.

Technical indicators

4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.

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

Key Support Levels – $0.528, $0.525, and $0.500.

Key Resistance Levels – $0.5450 and $0.5500.

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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