XRP Price Successfully Maintains Above $0.50: Critical Support and Resistance Levels

  • Ripple’s token price has started to rise steadily above the $0.500 resistance level.
  • The price is currently trading above $0.505 and the 100 simple moving average (4-hour).
  • On the 4-hour chart of the XRP/USD pair, there is a significant bullish trend line formed with support around $0.5050.

The XRP token price is trading above the $0.50 resistance level. The XRP price signals further upward movement towards $0.55 or $0.565.

XRP Price Managed to Stay Above $0.50

In the last few days, Ripple’s XRP gained bullish momentum above the $0.45 resistance level against the US dollar. It started a steady bullish trend above $0.465, leaving Bitcoin and Ethereum behind.

The $0.480 and $0.488 resistance levels were clearly surpassed. Eventually, the bulls managed to push the price above $0.500. A high level of $0.5286 was formed and the price recently saw a small downward correction.

The price moved below the 23.6% Fib retracement level of the upward wave from the swing low of $0.4432 to the high of $0.5286.

XRP price is still trading above $0.505 and the 100 simple moving average (4-hour). Additionally, on the 4-hour chart of the XRP/USD pair, there is a major bullish trend line formed with support around $0.5050.

xrp-usd-4

XRP/USD 4 Hour Price Chart

The first resistance on the upside is near the $0.5250 area. The first major resistance level is around $0.532. A successful break above the $0.532 resistance level could send the price towards the $0.550 resistance. Further gains may require testing the $0.565 resistance.

Will the Rise in XRP Stop?

If Ripple fails to break the $0.525 resistance area, it may start a downward correction. The first support on the downside is around the $0.505 area and the trend line.

The next important support is around the $0.500 level. If there is a downside break and a close below the $0.50 level, the XRP price may increase its losses. In this case, the price may test the $0.486 support area or the 50% Fib retracement level of the upward wave from the $0.4432 low to the $0.5286 high.

Technical Indicators

  • 4 Hour MACD – The MACD for XRP/USD is gaining bullish momentum.
  • 4 Hour RSI (Relative Strength Index) – The RSI for XRP/USD is currently in overbought territory.
  • Important Support Levels – $0.505, $0.500, and $0.486.
  • Important Resistance Levels – $0.525, $0.532, and $0.550.

BREAKING NEWS

Bitcoin Eyes Breakout as Fed Rate Cut and Stablecoin Inflows Boost Q4 Rally

As markets await the Federal Reserve policy decision, traders...

DOT Migration From Polkadot Relay Chain to Astar Network Asset Center Ahead of Nov 3–7 Maintenance

According to COINOTAG News on October 29, Astar Network,...

Play Solana Announces Imminent PLAY Token TGE as PSG1 Gaming Handheld Surpasses 10,000 Units Sold

COINOTAG News, October 29, reports that Play Solana is...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img