Ripple is consolidating above the $0.500 support against the US Dollar. XRP price could rally if there is a clear move above the $0.535 resistance. Ripple started a fresh increase from the $0.500 zone against the US dollar. The price is now trading above $0.510 and the 100 simple moving average (4 hours). There is a major bullish trend line forming with support near $0.5100 on the 4-hours chart of the XRP/USD pair (data source from Kraken). The pair might gain bullish momentum if it clears the $0.535 resistance zone. Ripple Price Eyes Another Increase After forming a base above the $0.4880 zone, Ripple’s XRP started a fresh increase against the US Dollar. There was a steady increase above the $0.500 and $0.510 resistance levels, similar to Bitcoin. The price climbed above the $0.525 resistance but the bears seem to be protecting the $0.535 zone. The recent high is formed near $0.5382 and the price is now consolidating. It traded below the 23.6% Fib retracement level of the upward move from the $0.5072 swing low to the $0.5382 high. XRP is now trading above $0.510 and the 100 simple moving average (4 hours). There is also a major bullish trend line forming with support near $0.5100 on the 4-hours chart of the XRP/USD pair. Source: XRPUSD on TradingView.com Initial resistance is near the $0.5320 zone. The first major resistance is near the $0.535 level. A successful break above the $0.535 resistance might send the price toward the $0.5475 resistance. Any more gains might send the price toward the $0.600 level. Are Dips Supported in XRP? If ripple fails to clear the $0.535 resistance zone, it could continue to move down. Initial support on the downside is near the $0.522 zone. The next major support is near $0.519 or the 61.8% Fib retracement level of the upward move from the $0.5072 swing low to the $0.5382 high. The main support is near $0.510 or the trend line. If there is a downside break and a close below the $0.510 level, XRP’s price could extend losses. In the stated case, the price could test the $0.488 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 – $0.519, $0.510, and $0.488. Major Resistance Levels – $0.535, $0.5475, and $0.600.
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