XRP/USD set to break above the $0.5 resistance


Ripple price analysis shows that the XRP/USD pair started a fresh increase after it found support near $0.4550.

The price is now trading well above the $0.4850 resistance and the 100 simple moving average.

There was a break above a major bearish trend line with resistance near $0.4920 on the hourly chart

Looking at the 4-hour chart, we can see that XRP/USD bears were in control for much of yesterday. They pushed the price as low as $0.39 before bulls stepped in and started to push higher. The move has been strong since then as Ripple’s price is now trading above $0.41 and looks poised to continue higher.

The main level to watch for now is $0.42 as this is where we had seen some resistance form previously. If the price can break above here, it would open up the possibility for a move towards $0.44 and then $0.5 which are the next major levels of resistance.

On the downside, the main level to watch is $0.40 as this is where we had seen some support form in the past. If the price can hold above here, it would be a good sign that bulls are still in control. Below this, there is little in the way of support until $0.38 which is where we had seen some buyers step in yesterday.

Overall, the Ripple price analysis is bullish today as we have seen a weak decline benign met with support at $0.40. From there, XRP/USD pushed higher, likely as bulls want to retrace even further from the previous several-day loss. The main level to watch is $0.42 as a break above here could open up the possibility for a move towards $0.44 and then $0.5.

Ripple price movement in the last 24 hours: Ripple fails to drop further, tests upside again

XRP price dropped by a very small 0.86% in the last 24 hours. The cryptocurrency opened the day at $0.4197 and even though it fell to $0.4159 within the first hour, it pulled back up and closed at $0.4188. The intraday high was at $0.4206.

The market was trading sideways for the most part of yesterday and even though it looked like the bears were in control, they could not push the prices lower. There was a slight bearish pressure felt throughout the day as the price dropped below $0.42 but it found support near the $0.415 level and pulled back up.

The market seems to be consolidating at the moment and it is likely that we will see a breakout soon. The $0.42 level is acting as a resistance zone while the $0.415 level is providing support.

4-hour Ripple price analysis chart: Recent price movement

On the 4-hour Ripple price analysis chart, we can see that the price has formed a descending triangle pattern which is a bearish sign.

The 50-day moving average is close to the $0.415 level and is providing support while the 100-day moving average is close to the $0.425 level and is acting as a resistance.

XRP/USD 4-hour chart. Source: TradingView

The MACD indicator is close to the zero line which shows that there is no clear trend at the moment.

The RSI indicator is also close to the 50 level which shows that the market is evenly balanced at the moment.

Looking at the chart, it seems like the price is likely to break down below the $0.415 level and retest the $0.41 level. Below this, the next support levels to watch out for are $0.405 and $0.40.

On the upside, if the price manages to break above the $0.425 level, it is likely to retest the $0.43 level which is a key resistance zone. Above this, the next level to watch out for are $0.45 and $0.5.

Ripple price analysis: Conclusion 

In the short-term Ripple price analysis, the market is likely to consolidate between the $0.415 and $0.425 levels as it looks to form a new direction. Below $0.415, the next support levels to watch out for are $0.41 and $0.405 while above $0.425, the next resistance levels to watch out for are $0.43 and $0.435.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Credit: Source link

Leave A Reply

Your email address will not be published.