Ripple has a chance of outperforming both BTC and ETH after it rallied by 10% and starting a strong increase from the $0.4400 support zone against the US dollar so let’s have a closer look at today’s Ripple price news.
XRP price is now trading well above the $0.5500 and will continue higher above it likely. XRP is over 10% and cleared the main XRP is over 10% and cleared the main $0..
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5000 resistance zone against the US dollar with the price being above $0.5500 and the 100 simple moving average. There’s a key bullish trend line that is forming with support near $0.5200 on the 4-hour charts of the pair that will likely go higher above $0.6000 resistance.
In the past few days, XRP formed a strong support base above $0.4500 and the price started a new increase breaking many important hurdles near the $0.500 level. The bulls managed to gain some strength above $0.5000 with the price clearing the $0.5500 resistance and settling above the 100 simple moving average. Then, the price tested the $0.6000 resistance and formed a new high of $0.6005. Ripple has a chance of outperforming both ETH and BTC as it made a strong move above $0.5500. There was a downside correction below the 23.6% fib retracement level from the upwards move of $0.4963 low to $0.6005 high but the bulls got active at the $0.5500 zone as well.
The price found support near the 50% fib retracement level and it is not rising again with chances to revisit the $0.6000 resistance. If there’s a clear break above this zone, it could surge above $0.6320 levels. If XRP fails to clear the $0.5950 resistance, it will start a new downside correction near the initial support on the $0.5600 downside level. The initial support is close to the $0.550 level with more losses leading the price towards the $0.500 support. The main support is forming near the $0.4750 level and the 100 simple moving average while the 4-hour MACD for the pair is gaining pace in the bullish zone.
As recently reported, Ripple’s native asset XRP surged to a new one-month high on Monday with the traders grappling the prospects of re-listing on crypto exchanges, months after the coin experienced a huge drop when the US Securities and Exchange Commission filed a lawsuit against the Ripple Labs parent company for its role in selling illegal securities.
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