Ripple started a fresh increase above the $0.4000 resistance against the US Dollar. XRP price is likely to accelerate further higher if it clears the $0.4650 resistance.
- Ripple is up over 15% and it broke a major resistance near $0.4200 against the US dollar.
- The price is trading well above $0.4400 and the 100-day simple moving average.
- There is still a key bearish trend line with resistance near $0.4650 on the daily chart of the XRP/USD pair (data source from Kraken).
- The pair could start a strong increase if there is a clear break above the trend line and $0.4700.
Ripple’s XRP Price Starts Fresh Rally
After forming a support base above $0.3800, ripple’s XRP price started a strong increase. There was a clear break above the $0.4000 and $0.4200 resistance levels (outperforming bitcoin).
There was a clear break above the 50% Fib retracement level of the downward move from the $0.5359 swing high to $0.3424 low. The price is now trading well above $0.4400 and the 100-day simple moving average. There are many positive signs emerging above the $0.4500 level.
Source: XRPUSD on TradingView.com
An immediate resistance is near the $0.4620 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.5359 swing high to $0.3424 low.
The main resistance is forming near the $0.4650 level. There is still a key bearish trend line with resistance near $0.4650 on the daily chart of the XRP/USD pair. A clear break above the trend line resistance could open the doors for a sharp increase towards the $0.5000 resistance. The next major resistance above the $0.5000 level could be near the $0.5800 level.
Dips Supported in XRP?
If ripple fails to clear the $0.4620 resistance or the trend line, it could correct lower. An initial support is near the $0.4400 level. The first major support is near the $0.4200 level.
The main support could be near the $0.3500 level and the 100-day SMA. If the price fails to stay above $0.3500, it could dive towards the $0.3400 support zone, where the bulls are likely to take a strong stand.
Technical Indicators
Daily MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
Daily RSI (Relative Strength Index) – The RSI for XRP/USD is well above the 50 level.
Major Support Levels – $0.4400, $0.4200 and $0.4000.
Major Resistance Levels – $0.4650, $0.5000 and $0.5800.