Ripple (XRP) Holds Key Support, What Are Chances of a Fresh Increase

Ripple trimmed most gains from the $0.6000 resistance against the US Dollar. XRP price is now trading above $0.4500 and it could attempt a fresh increase above $0.5500.

  • Ripple broke the $0.5500 support zone, but it stayed above $0.4500 against the US dollar.
  • The price is now back above $0.5000 and the 100 simple moving average (4-hours).
  • Earlier, there was a break below a major bullish trend line with support near $0.5380 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could rise one more time as long as there is no close below the $0.5000 support.

Ripple’s XRP Price is Holding Support

This week, ripple’s XRP outperformed bitcoin and ethereum, with a strong move above $0.5000. The price even surged above the $0.5500 resistance level and the 100 simple moving average (4-hours).

However, the bears were active near the $0.6000 zone. A high was formed near $0.5998 and the price recently started a fresh decline. There was a break below the $0.5800 and $0.5500 support levels. It even dived below the $0.5000 support level.

There was also a break below a major bullish trend line with support near $0.5380 on the 4-hours chart of the XRP/USD pair. A low is formed near $0.4544 and the price is currently correcting higher. The pair is now trading above $0.5000 and the 100 simple moving average (4-hours).

Source: XRPUSD on TradingView.com

It cleared the 50% Fib retracement level of the recent decline from the $0.5997 high to $0.4544 low. An initial resistance is near the $0.5380 level.

The first major resistance is near the $0.5200 level. The main resistance is near the $0.5445 level. It is close to the 61.8% Fib retracement level of the recent decline from the $0.5997 high to $0.4544 low. A clear break above $0.5450 and $0.5500 could open the doors for a fresh increase to $0.6000.

Fresh Drop in XRP?

If ripple fails to clear the $0.5445 resistance or $0.5200, it could start a fresh decline. An initial support on the downside is near the $0.5100 level.

The first major support is near the $0.5000 level and the 100 simple moving average (4-hours). Any more losses might lead the price towards the $0.4500 support zone in the near term.

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 – $0.5200, $0.5100 and $0.5000.

Major Resistance Levels – $0.5450, $0.5500 and $0.6000.