Key Takeaways:
- Ripple price is rising and trading above the $0.500 pivot level.
- XRP follows a key bullish trend line with support near $0.510 on the 4-hours chart.
- The bulls aim for a new high above the $0.545 and $0.550 resistance levels.
NEW DELHI (CoinChapter.com) — Ripple’s XRP is increasing above $0.510. The price is trading in a positive zone and might climb further above $0.55 in the near term.
Ripple’s XRP Price Remains In Uptrend
After a significant rally, XRP price faced sellers near the $0.550 zone against the US Dollar. The price traded as high as $0.5470 before it started a downside correction.
There was a move below the $0.520 and $0.500 support levels. However, the bulls were active near the $0.4860 zone. A low was formed near $0.4860, and the price is now rising. There was a steady increase above the $0.500 resistance zone.
The price increased above the $0.515 resistance and the 50 simple moving average (blue, 4 hours). It cleared the 61.8% Fib retracement level of the downward move from the $0.5470 swing high to the $0.4860 low.
XRP shows many positive signs above the $0.5200 level and might soon outperform Bitcoin and Ethereum. Immediate resistance is seen near the $0.5325 level and the 76.4% Fib retracement level of the downward move from the $0.5470 swing high to the $0.4860 low.
The next major resistance is near the $0.545 level.
The main resistance sits near the $0.550 level. A clear move above the $0.550 resistance zone could increase the price toward the $0.585 resistance zone. If the bulls pump XRP above the $0.585 resistance, there could be a strong increase.
The price may rise to $0.600 or even $0.620 in the stated case.
Another Downside Correction?
If there is no upside break, the price might start another decline from the $0.5325 resistance zone. Initial support is near the $0.5165 level and the 50 simple moving average (blue, 4 hours). The main support is near the $0.515 level and a bullish trend line.
A close below $0.515 may perhaps spark bearish moves. In the stated case, the price might test the $0.500 support. Any more losses could open the doors for a move toward the $0.486 level.
The XRP price attempts an upside break above the $0.550 resistance. If the bulls clear the $0.550 barrier, the price could rally toward the $0.600 level or even $0.620. Conversely, there might be a fresh drop toward the $0.500 level.
