Ripple’s token price is rising above $0.50 against the US Dollar. XRP price could start a fresh rally if it clears the $0.515 and $0.525 resistance levels.

Ripple’s token price is attempting a move above $0.515 and $0.525 against the US dollar.
The price is now trading above $0.500 and the 100 simple moving average (4 hours).
There is a connecting bullish trend line forming with support near $0.500 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might gain bullish momentum if there is a close above $0.515.

Ripple’s Token Price Could Accelerate Above $0.515

In the last XRP price prediction, we discussed a possible upward move in Ripple’s XRP against the US Dollar. The price did follow a positive path above the $0.480 pivot level, like Bitcoin and Ethereum.

There was a clear move above the $0.50 resistance zone. It climbed above the 50% Fib retracement level of the key decline from the $0.5491 swing high to the $0.4590 low. The bulls are now attempting more gains above the $0.515 resistance.

XRP is now trading above $0.500 and the 100 simple moving average (4 hours). Besides, there is a connecting bullish trend line forming with support near $0.500 on the 4-hour chart of the XRP/USD pair.

On the upside, immediate resistance is near the $0.515 level. It is close to the 61.8% Fib retracement level of the key decline from the $0.5491 swing high to the $0.4590 low.  The next major resistance is near the $0.5250 level. A close above the $0.525 level could send the price toward the $0.550 barrier.

Source: XRPUSD on TradingView.com

A successful break above the $0.550 resistance level might start a strong rally toward the $0.585 resistance. Any more gains might call for a test of the $0.600 resistance.

Are Dips Limited in XRP?

If ripple fails to clear the $0.515 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.50 zone and the trend line.

The next major support is at $0.490. If there is a downside break and a close below the $0.490 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.458 support zone.

Technical Indicators

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

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

Major Support Levels – $0.500, $0.490, and $0.458.

Major Resistance Levels – $0.515, $0.525, and $0.550.

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Filed under: Bitcoin - @ September 19, 2023 4:49 am