Ripple price is facing resistance near the $0.485 level against the US dollar.
The price is now trading above $0.470 and the 55 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.4640 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair could start a major increase above the $0.4850 resistance.

Ripple price is rising above $0.4750 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.4700 support to remain in a bullish zone.

Ripple Price Analysis

After forming a base above the $0.4120 level, Ripple price started a fresh increase against the US Dollar. The XRP/USD pair broke the $0.432 resistance to move into a positive zone.

There was a clear move above the $0.450 resistance and the 55 simple moving average (4 hours). The bulls even pushed the price above the $0.470 resistance. A high is formed near $0.4861 and the price is now consolidating gains.

It is now trading above $0.470 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.4850. The next major resistance is near the $0.4880 level.

A clear move above the $0.4880 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.4920 resistance. Any more gains might send the price toward the $0.5120 resistance. Initial support on the downside is near the $0.4760 level or the 23.6% Fib retracement level of the upward move from the $0.4433 swing low to the $0.4861 high.

The next major support is near the $0.4700 level. There is also a key bullish trend line forming with support near $0.4640 on the 4-hour chart of the XRP/USD pair.

The trend line is near the 50% Fib retracement level of the upward move from the $0.4433 swing low to the $0.4861 high. Any more losses could lead the price toward the $0.4500 level, below which the price might even test $0.4320.

Looking at the chart, Ripple price is now trading above the $0.47 zone and the 55 simple moving average (4 hours). Overall, the price could start a major increase above the $0.4850 resistance.

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 above the 50 level.

Key Support Levels – $0.476, $0.470, and $0.450.

Key Resistance Levels – $0.4850 and $0.4880.

The post Ripple Price Analysis: Upside Break Looms At $0.485 appeared first on Live Bitcoin News.

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Filed under: Bitcoin - @ May 29, 2023 3:08 am