The price of Ripple’s token is recovering better, rising from $0.458 to the US dollar. XRP price could begin a recent rally if it breaks the $0.505 and $0.515 resistance levels.
- Ripple’s token price is trying to break above $0.510 and $0.525 towards the US dollar.
- The price is now trading below $0.505 and the 100 simple moving average (4-hours).
- There was a break above a significant downtrend line with resistance near $0.4840 on the 4-hour chart of XRP/USD (Kraken Knowledge Source).
- The pair could gain bullish momentum if it closes above $0.515.
Ripple’s Token Worth Eyes Bullish Breakout
After another decline, Ripple’s XRP found support near the $0.458 area against the US Dollar. The price traded as low as $0.4589 and recently began a recent surge, similar to Bitcoin and Ethereum.
There was a move above the $0.480 resistance. XRP climbed above the 23.6% Fib retracement level of the downward move from the $0.5490 high to $0.4589 low. Furthermore, there was a break above a significant downtrend line with resistance near $0.4840 on the 4-hour chart of the XRP/USD pair.
The price is now trading below $0.505 and the 100 simple moving average (4-hours). It appears to be facing resistance near the $0.505 area.
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The next main resistance is near the $0.5145 level or the 61.8% Fibonacci retracement level of the downward move from the $0.5490 high to $0.4589 low. The main resistance forms near $0.525. A successful break above the $0.525 resistance level could initiate a strong rally towards the $0.570 resistance. Any further upside may require a test of the $0.600 resistance.
Another rejection in XRP?
If Ripple fails to breach the $0.5145 resistance zone, it could begin a further decline. Preliminary downside support is near the $0.484 area.
The next major support is $0.458. If there is a breakout and below the $0.458 level, XRP price could extend losses. In the recognized case, the price could retest the $0.432 support zone.
4-hour MACD – The MACD for XRP/USD is now accelerating into the bullish zone.
4-hour RSI (Relative Energy Index) – The RSI for XRP/USD is now above 50 degrees.
Main support ranges – $0.484, $0.458 and $0.432.
Main resistance ranges – $0.505, $0.515 and $0.525.
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