XRP Price Could Regain Strength Above This Key Resistance

2023-07-05 06:01:33

Ripple’s token price is moving higher from $0.4560 against the US Dollar. XRP price might gain bullish momentum if it clears the $0.4960 resistance zone.

Ripple’s token price is moving higher toward the $0.4960 resistance against the US dollar.
The price is now trading above $0.48 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.4860 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might continue to rise if it clears the $0.4960 resistance in the near term.

Ripple’s Token Price Starts Fresh Increase

This past week, Ripple’s XRP saw a downside correction from the $0.5265 resistance against the US Dollar. It dipped below the $0.500 support zone. The price even spiked below the $0.465 support.

A low is formed near $0.4460 and the price is now rising, similar to Bitcoin and Ethereum. There was a move above the $0.455 and $0.465 resistance levels. XRP surpassed the 50% Fib retracement level of the downward move from the $0.5265 swing high to the $0.4460 low.

XRP price is now trading above $0.480 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support near $0.4860 on the 4-hour chart of the XRP/USD pair.

Initial resistance on the upside is near the $0.4960 zone. It is close to the 61.8% Fib retracement level of the downward move from the $0.5265 swing high to the $0.4460 low. The next major resistance is near the $0.5050 level.

Source: XRPUSD on TradingView.com

A successful break above the $0.505 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 $0.496 resistance zone, it could start another decline. Initial support on the downside is near the $0.486 zone and the trend line.

The next major support is near $0.476. If there is a downside break and a close below the $0.476 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.456 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 – $0.485, $0.476, and $0.456.

Major Resistance Levels – $0.496, $0.505, and $0.525.

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