Charted: Ripple (XRP) Forms Support Base, Why It Could Rally Above $0.50

2021-3-9 09:48

Ripple is consolidating above the key $0.4500 support zone against the US Dollar. XRP price is showing bullish signs and it may soon rally above the $0.5000 resistance.

Ripple formed a support base above $0.4500 and recovered higher against the US dollar. The price is now trading well above the $0.4500 support and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $0.4630 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is likely to continue higher above the $0.4880 and $0.5000 resistance levels. Ripple Price is Showing Positive Signs

In the past 2-3 sessions, there were strong bullish moves in bitcoin and ethereum against the US Dollar. XRP price is also stable and it seems like there is a strong support base forming above the $0.4500 level.

Recently, there was a spike above the $0.4660 resistance. The price even surged above the $0.4800 level, but it failed near $0.4880. As a result, there was a downside correction below the $0.4800 level. The declined below the 23.6% Fib retracement level of the upward move from the $0.4557 swing low to $0.4900 high.

XRP even spiked below $0.4720, but it remained well bid above $0.4620. There is also a major bullish trend line forming with support near $0.4630 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.4557 swing low to $0.4900 high.

Source: XRPUSD on TradingView.com

The price is now trading well above the $0.4500 support and the 100 hourly simple moving average. An immediate resistance is near the $0.4880 level. A clear break above $0.4880 will most likely open the doors for a rally above the $0.5000 barrier. The next key resistance could be $0.5500.

Downsides Limited in XRP?

If there is no upside break in ripple above $0.4880 and $0.5000, it could correct lower. An initial support on the downside is near the $0.4720 level.

The main support is near the trend line and $0.4550. A downside break below the trend line and $0.4550 could out a lot of pressure on the bulls in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.

Major Support Levels – $0.4720, $0.4600 and $0.4550.

Major Resistance Levels – $0.4880, $0.5000 and $0.5500.

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Ripple (XRP) на Currencies.ru

$ 2.1172 (-0.53%)
Объем 24H $5.881b
Изменеия 24h: 5.42 %, 7d: -8.41 %
Cегодня L: $2.0147 - H: $2.1391
Капитализация $121.546b Rank 4
Цена в час новости $ 0.4801 (340.99%)

above support ripple rally xrp base signs

Источник: newsbtc.com

above support → Результатов: 126


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