HomeAltcoin NewsRipple Price Analysis: Rally Could Gather Pace Above $0.535

Ripple Price Analysis: Rally Could Gather Pace Above $0.535

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  • Ripple price is gaining pace above the $0.512 support against the US dollar.
  • The price is now trading above $0.510 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance near $0.5045 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another increase if it stays above $0.5100.

Ripple price is rising above $0.5100 against the US Dollar, unlike Bitcoin. XRP price must stay above $0.510 to continue higher in the near term.

Ripple Price Analysis

After finding bids near $0.490, Ripple price started a fresh increase against the US Dollar. The XRP/USD pair traded as low as $0.4907 and recovered above $0.505.

The price gathered pace and climbed above the $0.5120 resistance zone. There was also a break above a key bearish trend line with resistance near $0.5045 on the 4-hour chart of the XRP/USD pair. The pair even surged toward the $0.550 resistance zone.

A high was formed near $0.5492 and the price recently corrected gains. There was a move below the $0.525 level. It traded below the 50% Fib retracement level of the upward move from the $0.4907 swing low to the $0.5493 high.

XRP price is now trading above $0.510 and the 55 simple moving average (4 hours). It is also above the 61.8% Fib retracement level of the upward move from the $0.4907 swing low to the $0.5493 high.

On the upside, the price is facing resistance near $0.535. The next major resistance is near the $0.542 level. The main resistance is now forming near the $0.550 zone. A clear move above the $0.542 and $0.550 levels might start a steady increase. In the stated case, the price could test the $0.585 resistance. Any more gains might send the price toward the $0.600 resistance.

Initial support on the downside is near the $0.5150 level. The next major support is near the $0.510 level, below which the price could gain bearish momentum toward the $0.5045 support. Any more losses could lead the price toward the $0.490 level.

Ripple Price
Ripple Price

Looking at the chart, Ripple price is now trading above the $0.510 zone and the 55 simple moving average (4 hours). Overall, the price could start another increase if it stays above $0.5100.

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 – $0.5120, $0.5045, and $0.500.

Key Resistance Levels – $0.535 and $0.550.

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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