Charted: Ripple (XRP) Signaling Bullish Breakout, Why It Could Surge To $0.55
Ripple is showing a few positive signs above $0.4200 against the US Dollar. XRP price is likely to start a decent increase above the $0.4650 and $0.4800 resistance levels.
- Ripple is holding the $0.4200 support level and it is showing positive signs against the US dollar.
- The price is above $0.4500 and the 100 simple moving average (4-hours).
- There was a break above a key declining channel with resistance near $0.4500 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could start a strong increase if it clears the $0.4880 and $0.5000 resistance levels.
Ripple’s XRP Price is Showing Positive Signs
In the past few days, there was a slow decline in ripple’s XRP found from the $0.4920 resistance. The price traded below the $0.4800 support level and the 100 simple moving average (4-hours).
There was also a break below the $0.4500 support, but the bulls were active above the $0.4200 level. A low is formed near $0.4229 and the price is now climbing higher. It broke the $0.4380 and $0.4400 resistance levels.
There was a break above a key declining channel with resistance near $0.4500 on the 4-hours chart of the XRP/USD pair. There was a sharp spike above $0.5000 before the pair dropped back to $0.4480.
Source: XRPUSD on TradingView.com
A low is forming and the pair is now trading above the 23.6% Fib retracement level of downward move from the $0.5315 high to $0.4479 low. It is now above $0.4500 and the 100 simple moving average (4-hours). An immediate resistance is near the $0.4880 level. It is close to the 50% Fib retracement level of downward move from the $0.5315 high to $0.4479 low.
The next key resistance is near $0.4200. The main resistance is near the $0.4980 and $0.5000 levels. A close above $0.5000 might pump the price towards the $0.5500 level.
Fresh Drop in XRP?
If ripple fails to clear the $0.4800 resistance or $0.4880, it could start a fresh decline. An initial support on the downside is near the $0.4540 level.
The first major support is near the $0.4500 level and the 100 simple moving average (4-hours). If there is a downside break below the $0.4500 support, the bears are likely to aim a test of the $0.4200 level.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is slowly 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 – $0.4500, $0.4450 and $0.4200.
Major Resistance Levels – $0.4800, $0.4880 and $0.5000.
OhNoCrypto
via https://www.ohnocrypto.com
Aayush Jindal, @KhareemSudlow
