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HomeAltcoin NewsXRP Price Analysis: Bitcoin Could Lead XRP Higher To $0.580

XRP Price Analysis: Bitcoin Could Lead XRP Higher To $0.580

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  • XRP price is gaining pace above the $0.505 support against the US dollar.
  • The price is now trading above $0.512 and the 55 simple moving average (4 hours).
  • There is a key rising channel forming with resistance near $0.5350 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start another increase if it stays above $0.500.

XRP price is rising above $0.505 against the US Dollar, like Bitcoin. The price must stay above $0.500 to continue higher in the near term.

XRP Price Analysis

After finding bids near $0.4785, XRP price started a fresh increase against the US Dollar. It climbed above the $0.488 resistance zone to move into a positive zone.

The price gathered pace and climbed above the $0.500 resistance zone. The pair even surged toward the $0.512 resistance zone. A high was formed near $0.5350 and the price recently corrected gains. There was a move below the $0.525 level. It traded below the 23.6% Fib retracement level of the upward move from the $0.4778 swing low to the $0.5350 high.

XRP price is now trading above $0.512 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.530. The next major resistance is near the $0.535 level.

There is also a key rising channel forming with resistance near $0.5350 on the 4-hour chart of the XRP/USD pair. The main resistance is now forming near the $0.550 zone. A clear move above the $0.535 and $0.550 levels might start a steady increase. In the stated case, the price could test the $0.565 resistance.

Any more gains might send the price toward the $0.580 resistance. Initial support on the downside is near the $0.5150 level. The next major support is near the $0.5065 level, below which the price could gain bearish momentum toward the $0.500 support. Any more losses could lead the price toward the $0.488 level.

XRP Price
XRP Price

Looking at the chart, XRP 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 $0.500.

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 – $0.5150, $0.5050, and $0.5000.

Key Resistance Levels – $0.5350 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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