Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
XRP price is gaining pace above the $0.50 resistance against the US Dollar. The SEC’s case against Ripple’s executives was dropped, sparking bullish moves.
- The price started a strong increase above the $0.50 resistance.
- The price is now trading above $0.505 and the 100 simple moving average (4 hours).
- There was a break above a major bearish trend line with resistance near $0.4885 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair might correct lower, but the bulls could remain active near $0.50.
XRP Price Jumps 10%
After forming a base above the $0.480 level, XRP started a fresh increase. Recently, the SEC dropped its case against Ripple’s executives. It sparked a sharp increase in XRP above the $0.50 resistance.
There was a break above a major bearish trend line with resistance near $0.4885 on the 4-hour chart of the XRP/USD pair. The pair even broke the 50% Fib retracement level of the key decline from the $0.5510 swing high to the $0.4730 low.
XRP price is now trading above $0.505 and the 100 simple moving average (4 hours). It is also helping Bitcoin, Ethereum, Solana, and other cryptocurrencies in moving higher.
On the upside, immediate resistance is near the $0.524 level or the 61.8% Fib retracement level of the key decline from the $0.5510 swing high to the $0.4730 low. The first major resistance is near the $0.532 level. A close above the $0.532 level could send the price toward the $0.550 resistance.
Source: XRPUSD on TradingView.com
If the bulls remain in action above the $0.550 resistance level, there could be a drift toward the $0.565 resistance. Any more gains might send XRP toward the $0.585 resistance.
Are Dips Limited?
If XRP fails to clear the $0.524 resistance zone, it could start a downside correction. Initial support on the downside is near the $0.512 zone.
The next major support is at $0.505. If there is a downside break and a close below the $0.505 level, the price might accelerate lower. In the stated case, the price could retest the $0.4850 support zone.
Technical Indicators
4-Hours MACD – The MACD for XRP/USD is now losing 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 – $0.512, $0.505, and $0.485.
Major Resistance Levels – $0.524, $0.532, and $0.550.
