XRP Price Could Regain Strength Above This Key Resistance

ripple token price is correcting higher above $0.4560 against the US Dollar. If XRP price clears the $0.4960 resistance area, it is likely to move higher.

• Ripple coin price is correcting higher towards the $0.4960 resistance against the US Dollar.
• The price is now trading above $0.48 and the 100 simple moving average (4-hours).
• There is a major bullish trend line forming with support near $0.4860 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
• If the pair overcomes the resistance level of $0.4960 in the near term, it is likely to continue higher.

Ripple’s token price starts a new increase

This past week, ripple’s XRP declined below the $0.5265 resistance against the US Dollar. It declined below the $0.500 support area. The price even declined below the $0.465 support.

There was a bottom level near $0.4460 and the price is now correcting higher in tandem with bitcoin and ethereum. There was a move above the $0.455 and $0.465 resistance levels. XRP surpassed the 50% Fibonacci retracement level of the downside move from the $0.5265 high to $0.4460 low.

XRP price is now trading above $0.480 and the 100 simple moving average (4-hours). There is also a major bullish trend line forming with support near $0.4860 on the 4-hours chart of the XRP/USD pair.

An initial resistance on the upside is near the $0.4960 area. It is near the 61.8% Fib retracement level of the downside move from the $0.5265 high to $0.4460 low. The next major resistance is near the $0.5050 level.

Source: XRPUSD on Tradingview.com

A successful break above the $0.505 resistance could send the price towards the $0.525 resistance. Any more gains may have to test the $0.550 resistance level.

Fresh decline in XRP?

If ripple fails to clear the $0.496 resistance area, it could start another decline. On the downside, an initial support is near the $0.486 area and the trend line.

The next major support is near $0.476. If there is a downside break and a close below the $0.476 level, XRP price could extend losses. In the mentioned case, the price could retest the $0.456 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.

Key Support Levels – $0.485, $0.476, and $0.456.

Key Resistance Levels – $0.496, $0.505, and $0.525.