XRP price could consolidate again if it clears this resistance

Ripple token price is attempting a fresh rise above the $0.48 resistance against the US Dollar. If XRP price clears $0.51, there could be an upside move.

• Ripple coin price remained well above the $0.480 resistance against the US Dollar.
• The price is now trading below $0.51 and the 100 simple moving average (4-hours).
• There is a rising channel forming with support near $0.480 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
• The pair is likely to continue rising if it clears the $0.50 and $0.51 resistance levels.

Ripple’s token price aims for a fresh rise

In the past few days, ripple price XRP declined below the $0.565 resistance against the US Dollar. It declined below the $0.525 support area, similar to bitcoin and Ethereum.

The price even declined below the $0.480 support area. A low was formed near $0.4550 and the price is now correcting higher. There was a decent move above the $0.4650 and $0.480 resistance levels. XRP surpassed the 23.6% Fibonacci retracement level of the decline from the $0.5650 high to $0.4550 low.

XRP price is now trading below $0.510 and the 100 simple moving average (4-hours). There is also a rising channel forming with support near $0.480 on the 4-hours chart of the XRP/USD pair.

An initial resistance on the upside is near the $0.500 area. The first major resistance is near the $0.510 level and the 100 simple moving average (4-hours). It is close to the 50% Fib retracement level of the downside move from the $0.5650 swing high to $0.4550 low.

Source: XRPUSD on TradingView.com

A successful break above the $0.51 resistance could send the price towards the $0.525 resistance. Any further gains could call for a test of the $0.550 resistance.

Fresh decline in XRP?

If ripple fails to overcome the $0.51 resistance area, it could start another decline. An initial support on the downside is near the $0.480 zone and the channel trend line.

The next major support is near the $0.455 level. If there is a downside break and a close below the $0.455 level, XRP price could decline further. In the mentioned case, the price could retest the $0.425 support area.

technical indicators

4-hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 50 level.

Main Support Levels – $0.480, $0.455 and $0.420.

The main resistance levels – $0.500, $0.510 and $0.550.