• Ripple price is currently trading above the $0.50 level and the 55 simple moving average (4 hours).
• There is a major bullish trend line forming with support near $0.5280 on the 4-hour chart of the XRP/USD pair.
• The bulls must stay above the $0.500 support to remain in a bullish zone, potentially pushing prices higher towards the $0.550 and $0.600 resistance levels.
Ripple Price Analysis
Ripple price is facing resistance near the $0.550 level against the US dollar, now trading above $0.50 and the 55 simple moving average (4 hours). A major bullish trend line is forming with support near $0.5280 on the 4-hour chart of XRP/USD pair, potentially pushing prices higher towards $0.550 and beyond if successful breakouts occurr.
Bulls In Control Above $0.50
After a successful break above the $0.480 level, Ripple price gained strong momentum against US Dollar as it broke throught he key resistance at $0.50 and pasted the 55 simple moving average (4 hours). Bulls pushed prices even further up to a high of around $ 05464 before consolidating gains for now at around 0$ 0500 level and holding steadly above 55 simple moving average (4 hours) .
The bulls are facing some resistance at around 0$ 550 level before reaching next major resistance at around 0$ 5650 mark which could lead to another surge in prices if broken out successfully . Initial support on downside lies near 0$ 5250 or 23 .6% Fibonacci retracement level from low swing at 0$ 4433 to high swing at 0$ 5464 . This will be followed by next major support which lies close to 50% Fibonacci retracement level from low swing at 0$ 4433 to high swing at 0$ 5464 , i .e., near around 0$ 495 mark . Any more losses could push prices back down towards initial low ofaround 0$ 480 mark or even lower below that .
The MACD for XRP/USD is currently gaining momentum in bullish zone while RSI for XRP/USD is also comfortably positioned above 50 indicating no signs of market exhaustion anytime soon .
Overall, Ripple price is currently trading steady above its key supports , giving indication of more upside movement in future as long as it holds onto these supports firmly . Bulls need to stay clear of any bearish crossover below these key levels in order to maintain their current momentum intact