XRP Price Could Regain Strength If It Clears This Resistance

2023-6-20 07:04

Ripple’s token price is attempting a fresh increase above the $0.48 resistance against the US Dollar. XRP price could gain bullish momentum if it clears $0.51.

Ripple’s token price is holding gains above the $0.480 resistance against the US dollar. The price is now trading below $0.51 and the 100 simple moving average (4 hours). There is a rising channel forming with support near $0.480 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair might continue to rise if it clears the $0.50 and $0.51 resistance levels. Ripple’s Token Price Aims Fresh INcrease

In the past few days, Ripple’s XRP saw a downside correction from the $0.565 resistance against the US Dollar. It dipped below the $0.525 support zone, similar to Bitcoin and Ethereum.

The price even spiked below the $0.480 support zone. A low was formed near $0.4550 and the price is now rising. There was a decent increase above the $0.4650 and $0.480 resistance levels. XRP surpassed the 23.6% Fib retracement level of the downward move from the $0.5650 swing high to the $0.4550 low.

XRP price is now trading below $0.510 and the 100 simple moving average (4 hours). There is also a rising channel forming with support near $0.480 on the 4-hour chart of the XRP/USD pair.

Initial resistance on the upside is near the $0.500 zone. The first major resistance is near the $0.510 level and the 100 simple moving average (4 hours). It is close to the 50% Fib retracement level of the downward move from the $0.5650 swing high to the $0.4550 low.

Source: XRPUSD on TradingView.com

A successful break above the $0.51 resistance level might send the price toward the $0.525 resistance. Any more gains might call for a test of the $0.550 resistance.

Fresh Decline in XRP?

If ripple fails to clear the $0.51 resistance zone, it could start another decline. Initial support on the downside is near the $0.480 zone and the channel trend line.

The next major support is near $0.455. If there is a downside break and a close below the $0.455 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.425 support zone.

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 – $0.480, $0.455, and $0.420.

Major Resistance Levels – $0.500, $0.510, and $0.550.

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