Ripple’s token price is climbing above the $0.50 resistance against the US Dollar. XRP price is signaling more upsides toward $0.55 or $0.565.

Ripple’s token price started a decent increase above the $0.500 resistance against the US dollar.
The price is now trading above $0.505 and the 100 simple moving average (4 hours).
There is a major bullish trend line forming with support near $0.5050 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might continue to rise toward the $0.545 and $0.550 resistance levels.

Ripple Price Forms Bullish Trend

In the past few days, Ripple’s XRP gained bullish momentum above the $0.45 resistance against the US Dollar. It outperformed Bitcoin and Ethereum to start a steady bullish trend above $0.465.

There was a clear move above the $0.480 and $0.488 resistance levels. Finally, the bulls were able to push the price above $0.500. A high is formed near $0.5286 and the price recently saw a minor downside correction. There was a move below the 23.6% Fib retracement level of the upward wave from the $0.4432 swing low to the $0.5286 high.

XRP price is still trading above $0.505 and the 100 simple moving average (4 hours). Besides, there is a major bullish trend line forming with support near $0.5050 on the 4-hour chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

Initial resistance on the upside is near the $0.5250 zone. The first major resistance is near the $0.532 level. A successful break above the $0.532 resistance level might send the price toward the $0.550 resistance. Any more gains might call for a test of the $0.565 resistance.

Are Dips Supported in XRP?

If ripple fails to clear the $0.525 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.505 zone and the trend line.

The next major support is near $0.500. If there is a downside break and a close below the $0.50 level, XRP’s price could extend losses. In the stated case, the price could test the $0.486 support zone or the 50% Fib retracement level of the upward wave from the $0.4432 swing low to the $0.5286 high.

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 in the overbought zone.

Major Support Levels – $0.505, $0.500, and $0.486.

Major Resistance Levels – $0.525, $0.532, and $0.550.

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Filed under: Bitcoin - @ June 2, 2023 3:48 am