Charted: Ripple (XRP) Rallies 10%, Why It Could Outperform BTC and ETH
Ripple started a strong increase from the $0.4400 support zone against the US Dollar. XRP price is now trading well above $0.5500 and it is likely to continue higher above $0.6000.
- Ripple is up over 10% and it cleared the main $0.5000 resistance zone against the US dollar.
- The price is now above $0.5500 and the 100 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $0.5200 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could is likely to continue higher above the $0.5950 and $0.6000 resistance levels.
Ripple’s XRP Price is Gaining Momentum
In the past few days, ripple’s XRP formed a strong support base above $0.4500. The price started a fresh increase and broke many important hurdles near the $0.5000 level.
The bulls gained strength above the $0.5000 zone. The price even cleared the $0.5500 resistance and it settled nicely above the 100 simple moving average (4-hours). Finally, the price tested the $0.6000 resistance and a high is formed near $0.6005.
XPR is clearing outperforming bitcoin and ethereum, with strong moves above $0.5500. Recently, there was a downside correction below the 23.6% Fib retracement level of the upward move from the $0.4963 low to $0.6005 high.
Source: XRPUSD on TradingView.com
However, the bulls were active near the $0.5500 zone. The price also found support near the 50% Fib retracement level of the upward move from the $0.4963 low to $0.6005 high.
It is currently rising and it is likely to revisit the $0.6000 resistance. If there is a clear break above the $0.6000 zone, there are high chances of a move towards the $0.6200 and $0.6320 levels.
Fresh Drop in XRP?
If ripple fails to clear the $0.5950 resistance or $0.6000, it could start a downside correction. An initial support on the downside is near the $0.5600 level.
The first major support is near the $0.5500 level. Any more losses might lead the price towards the $0.5000 support zone. The main support is now forming near the $0.4750 level and the 100 simple moving average (4-hours).
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 – $0.5600, $0.5500 and $0.5000.
Major Resistance Levels – $0.5950, $0.6000 and $0.6200.