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.
NerdWallet: Is life insurance for children a good investment for them?
This article is reprinted by permission from NerdWallet. We all want our kids to live long, healthy lives, which is why child life insurance may not feel like a top priority. It’s worth considering, though, as it can lock in low rates and act as an investment vehicle for your children. Learn more about this […]