XRP Price Spikes 10% and Could Extend Rally To $0.55 or Higher

Ripple started a strong increase above the $0.460 resistance against the US Dollar. XRP price broke many hurdles near $0.478 and might rise further towards $0.55.

• Ripple started a fresh increase from the key $0.442 support zone against the US dollar.
• The price is now trading nicely above $0.480 and the 100 simple moving average (4-hours).
• There was a break above a major bearish trend line with resistance near $0.4600 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
• The pair could continue to rise if there is a close above the $0.5000 resistance.

Yesterday, we discussed how ripple’s XRP is primed for rally and only 1 thing is holding it back against the US Dollar. XRP formed a base above the $0.4220 level and started a steady increase above $0.4400.

The price gained pace for a move above the $0.450 resistance. The bulls were able to clear the key barriers near the $0.478 and $0.480 levels. It opened the doors for more gains above the $0.488 level. The price was able to clear the 50% Fib retracement level of the key decline from the $0.5486 swing high to $0.4220 swing low.

Besides, there was a break above a major bearish trend line with resistance near $0.4600 on the 4-hours chart of the XRP/USD pair. The price is up nearly 10%, outperforming ethereum and bitcoin.

XRP price is now trading nicely above $0.480 and the 100 simple moving average (4-hours). Itis now facing hurdles near $0.500. It is close to the 61.8% Fib retracement level of the key decline from the $0.5486 swing high to $0.4220 swing low.

Source: XRPUSD on TradingView.com

A successful break above the $0.500 and $0.505 resistance levels could spark another rally. The next key resistance is near the $0.52 level, above which the bulls are likely to aim a retest of the $0.55 barrier. Any more gains might send the price towards the $0.60 level.

If ripple fails to clear the $0.500 resistance zone, it could start a downside correction. An initial support on the downside is near the $0.485 level.

The next major support is near $0.465. If there is a downside break and close below the $0.465 level, xrp price could extend losses. In the stated case, the price could even decline below the $0.450 support.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.485, $0.465 and $0.450.

Major Resistance Levels – $0.500, $0.520 and $0.550.