June 25, 2021

Charted: Ripple (XRP) Consolidates, Why It Is Approaching Major Breakout

2 min read

Ripple discovered is facing a significant resistance near $0.5000 against the United States Dollar. XRP price should stay above $0.4450 to prevent another downside break in the near term.

  • Ripple is dealing with an uphill task near the $0.4950 and $0.500 resistance levels versus the US dollar.
  • The cost is now consolidating above $0.4500 and checking the 100 easy moving average (4-hours).
  • There was a break listed below a triangle with assistance near $0.4700 on the 4-hours chart of the XRP/USD set (data source from Kraken).
  • The set might either rally above $0.5000 or it may dive listed below $0.4500 to check $0.4000.

Ripple’s XRP Price is Facing Resistance

There was a good recovery in ripple’s XRP found above the $0.4200 and $0.4500 resistance levels. The cost even settled perfectly above the $0.4500 level and the 100 simple moving average (4-hours).

However, the price is having a hard time to clear the $0.4950 and $0.5000 resistance levels, whereas the bitcoin and ethereum climbed up greater. The current high was near $0.4950 before XRP fixed lower. There was a break listed below the $0.4800 support level.

Ripple (XRP)

Source: XRPUSD on TradingView.com The rate traded listed below the 23.6% Fib retracement level of upward relocation from the $0.3937 low to $0.4954 high. There was likewise a break listed below a triangle with assistance near $0.4700 on the 4-hours chart of the XRP/USD pair.

The rate is now consolidating above $0.4500 and evaluating the 100 basic moving average (4-hours). The 50% Fib retracement level of upward relocation from the $0.3937 low to $0.4954 high is likewise near the $0.4500 assistance. If there is a downside break listed below the $0.4500 assistance zone, there might be a sharp decline. In the mentioned case, the price might perhaps review the $0.4000 support.

Fresh Increase in XRP?

If ripple stays above the $0.4500 support, it might begin a fresh boost. An initial resistance on the upside is near the $0.4950 level.

The main resistance is still near $0.5000. A clear break above $0.5000 will probably start a strong increase. The next major resistance is near the $0.5200 level, above which it might rise towards the $0.5500 level.

Technical Indicators

4-Hours MACD –-- The MACD for XRP/USD is struggling to acquire rate in the bullish zone.

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

Major Support Levels –-- $0.4500, $0.4200 and $0.4000.

Major Resistance Levels –-- $0.4950, $0.5000 and $0.5500.