Ripple narrowed its losses following bitcoin’s rally against the US dollar. XRP price rose 30% and is now trading well above the USD 0.5500 resistance level.
- Ripple started a strong rise from the USD 0.4350 support zone against the US dollar.
- The price is now trading well above USD 0.5200 and the simple 100 (4 hours) moving average.
- There was a break above a major downward channel with resistance near USD 0.5300 on the XRP / USD pair’s 4-hour chart (data source from Kraken).
- The pair is gaining pace and it appears the bulls are aiming for a test of the USD 0.6000 resistance zone.
Ripple’s XRP price is gaining bullish momentum
The bulls took over the crypto market and XRP soared above the USD 0.5000 resistance level. The upward movement was such that the price gained more than 30%. During the rise, there was a break above a major downward channel with resistance near USD 0.5300 on the XRP / USD pair’s 4-hour chart.
The pair even surpassed the 50% Fib retracement level of the main downward wave from the $ 0.5945 high to the $ 0.4350 swing low. It even peaked above the USD 0.5500 resistance zone.
Source: XRPUSD on TradingView.com
It is now trading near the USD 0.5700 resistance level and the simple 100 (4 hours) moving average. It shows many positive signs. An immediate resistance is near USD 0.5890. It is close to the 61.8% Fib retracement level of the main downward wave from the $ 0.5945 high to $ 0.4350 swing low.
A closing price above the USD 0.5890 level could set the pace for continued upward move towards USD 0.6000 and USD 0.6120 in the near term.
Dips supported in XRP?
If ripple starts a downside correction in the near term, it could find support near the USD 0.5500 level. The first major support is near the USD 0.5400 levels, where the bulls are likely to take a position.
The main support is near the dashed channel trendline or USD 0.5200. Even more losses may ease the current bullish pressure.
4-Hours MACD – The MACD for XRP / USD is gaining momentum in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for XRP / USD is now well above the 50 level.
Key Support Levels – USD 0.5500, USD 0.5400 and USD 0.5200.
Key Resistance Levels – USD 0.5800, USD 0.5890 and USD 0.6000.