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HomeAltcoin NewsXRP Price Analysis: Bullish Signs Emerge Above $0.48

XRP Price Analysis: Bullish Signs Emerge Above $0.48

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  • XRP price is attempting a fresh increase from the $0.40 support against the US dollar.
  • The price is now trading above $0.480 and the 55 simple moving average (4 hours).
  • There was a break above a key bearish trend line with resistance at $0.5150 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $0.5450 resistance.

XRP price is consolidating above $0.50 against the US Dollar, like Bitcoin. It must stay above the $0.480 support to continue higher in the near term.

XRP Price Analysis

After forming a base above the $0.400 level, XRP price started a fresh increase against the US Dollar. The XRP/USD pair broke the $0.450 and $0.4650 resistance levels to enter a positive zone.

There was a break above a key bearish trend line with resistance at $0.5150 on the 4-hour chart of the XRP/USD pair. The pair even cleared the 50% Fib retracement level of the downward wave from the $0.6420 swing high to the $0.3875 low.

The price is now trading above $0.480 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.5450. It is near the 61.8% Fib retracement level of the downward wave from the $0.6420 swing high to the $0.3875 low.

The first key resistance is near the $0.580 level. The next major resistance is near the $0.600 level. A clear move above the $0.600 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.6240 zone and test $0.650. Any more gains might send the price toward the $0.700 resistance.

Initial support on the downside is near the $0.50 level. The next major support is near the $0.480 level. Any more losses could lead the price toward the $0.440 level, below which the price might even test the $0.4250 support zone in the near term.

XRP Price
XRP Price

Looking at the chart, XRP price is now trading above the $0.500 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.5450 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 – $0.50, $0.480, and $0.440.

Key Resistance Levels – $0.5450 and $0.580.

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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