Ripple’s token price is showing signs of recovery as it moves higher from $0.458 against the US Dollar. There is potential for a fresh rally if the price can clear the resistance levels at $0.505 and $0.515, according to analysts.
The token price of Ripple is currently attempting to break above $0.510 and $0.525 against the US dollar. However, it is currently trading below $0.505 and the 100 simple moving average (4 hours). On a positive note, there was a break above a major bearish trend line with resistance near $0.4840 on the 4-hour chart of the XRP/USD pair, as reported by Kraken. If the price can close above $0.515, it may gain bullish momentum.
After experiencing a drop, Ripple’s XRP found support near the $0.458 zone against the US Dollar. The price reached as low as $0.4589 before starting a fresh increase. This follows a similar trend seen in Bitcoin and Ethereum.
There was a notable move above the $0.480 resistance level. XRP also climbed above the 23.6% Fibonacci retracement level of the downward move from the $0.5490 swing high to the $0.4589 low. Additionally, there was a break above a major bearish trend line with resistance near $0.4840 on the 4-hour chart of the XRP/USD pair.
Currently, the price is trading below $0.505 and the 100 simple moving average (4 hours), facing resistance near the $0.505 zone.
According to TradingView.com, the next significant resistance level is near $0.5145, which is also the 61.8% Fibonacci retracement level of the downward move from the $0.5490 swing high to the $0.4589 low. The main resistance level is forming near $0.525. If the price successfully breaks above $0.525, it could trigger a strong rally towards the $0.570 resistance level. Further gains might even lead to a test of the $0.600 resistance.
However, if Ripple fails to clear the $0.5145 resistance zone, it could experience another decline. The initial support on the downside is near the $0.484 zone, followed by major support at $0.458. If the price breaks below $0.458 and closes below this level, it could lead to further losses. In such a scenario, the price may retest the $0.432 support zone.
Technical indicators suggest a bullish trend for XRP/USD. The 4-hour MACD (Moving Average Convergence Divergence) is gaining pace in the bullish zone. The 4-hour RSI (Relative Strength Index) is also above the 50 level.
In summary, Ripple’s token price is showing signs of recovery and may experience a fresh rally if it can clear the resistance levels at $0.505 and $0.515. However, if it fails to do so, the price could face another decline with support levels at $0.484 and $0.458.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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