Charted: Ripple (XRP) Forms Support Base, Why It Could Rally Above $0.50

Aayush Jindal

Last Updated: June 11, 2024 2:13 pm

2 mins read

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Ripple is consolidating above the key $0.4500 support zone against the US Dollar. XRP price is showing bullish signs and it may soon rally above the $0.5000 resistance.

Ripple formed a support base above $0.4500 and recovered higher against the US dollar.
The price is now trading well above the $0.4500 support and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $0.4630 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair is likely to continue higher above the $0.4880 and $0.5000 resistance levels.

Ripple Price is Showing Positive Signs

In the past 2-3 sessions, there were strong bullish moves in bitcoin and ethereum against the US Dollar. XRP price is also stable and it seems like there is a strong support base forming above the $0.4500 level.

Recently, there was a spike above the $0.4660 resistance. The price even surged above the $0.4800 level, but it failed near $0.4880. As a result, there was a downside correction below the $0.4800 level. The declined below the 23.6% Fib retracement level of the upward move from the $0.4557 swing low to $0.4900 high.

XRP even spiked below $0.4720, but it remained well bid above $0.4620. There is also a major bullish trend line forming with support near $0.4630 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.4557 swing low to $0.4900 high.

Source: XRPUSD on TradingView.com

The price is now trading well above the $0.4500 support and the 100 hourly simple moving average. An immediate resistance is near the $0.4880 level. A clear break above $0.4880 will most likely open the doors for a rally above the $0.5000 barrier. The next key resistance could be $0.5500.

Downsides Limited in XRP?

If there is no upside break in ripple above $0.4880 and $0.5000, it could correct lower. An initial support on the downside is near the $0.4720 level.

The main support is near the trend line and $0.4550. A downside break below the trend line and $0.4550 could out a lot of pressure on the bulls in the near term.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.

Major Support Levels – $0.4720, $0.4600 and $0.4550.

Major Resistance Levels – $0.4880, $0.5000 and $0.5500.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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