Ripple’s token price is making significant gains, surpassing $0.50 against the US Dollar. There is hope for a fresh rally if it manages to clear the resistance levels at $0.515 and $0.525.
Attempts are being made to move Ripple’s token price above $0.515 and $0.525 against the US dollar. Currently, the price is trading above $0.500 and the 100 simple moving average (4 hours). A bullish trend line is forming with support near $0.500 on the 4-hour chart of the XRP/USD pair, according to data from Kraken.
In a previous XRP price prediction analysis, it was discussed that Ripple’s XRP had the potential for an upward move against the US Dollar. Following this prediction, the price did climb above the $0.480 pivot level, similar to Bitcoin and Ethereum.
The resistance zone at $0.50 was breached, and the price climbed above the 50% Fib retracement level from the swing high of $0.5491 to the low of $0.4590. The bulls are now aiming for further gains above the $0.515 resistance. This positive movement has placed XRP above $0.500 and the 100 simple moving average (4 hours). Additionally, a bullish trend line is forming with support near $0.500 on the 4-hour chart of the XRP/USD pair.
Immediate resistance is expected near the $0.515 level, which aligns with the 61.8% Fib retracement level of the decline from the swing high at $0.5491 to the low of $0.4590. Following this, the next significant resistance level lies near $0.5250. If the price manages to close above $0.525, it could potentially surge towards the $0.550 barrier.
A successful breakout above the $0.550 resistance level could trigger a strong rally towards the $0.585 resistance. Further gains may even lead to a test of the $0.600 resistance.
However, if Ripple fails to surpass the $0.515 resistance zone, it may experience a downside correction. To counter this, initial support can be found near the $0.50 zone and the trend line. The subsequent significant support level is at $0.490. A downside break and close below $0.490 could extend the losses, potentially retesting the $0.458 support zone.
In terms of technical indicators, the MACD for XRP/USD on the 4-hour chart is gaining momentum in the bullish zone. Additionally, the RSI (Relative Strength Index) for XRP/USD is currently above the 50 level.
In summary, Ripple’s token price has witnessed a rise above $0.50 against the US Dollar. With potential for a fresh rally, it will be crucial for XRP to overcome the resistance levels at $0.515 and $0.525. The outcome will demonstrate whether dips in XRP are limited or if a downside correction is inevitable.
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀