XRP Forms Support Base And Could Rally Above $0.50

XRP Forms support base near the $0.4500 support zone against the US dollar with the price showing strong bullish signs and could soon rally above the $0.5000 resistance as we can see more in our latest Ripple news today.

XRP forms a support base above the $0.4500 and recovered higher against the dollar with the price trading well above the $0.4500 support and the 100 hourly simple moving average. There’s also another bullish trend line forming on the hourly charts of the pair with it continuously shooting higher above the $0.4800 resistance levels.

Over the past 2-3 sessions, there were some strong bullish moves in both ETH and BTC against the US dollar with the price being stable and it seems that there’s a strong support base forming above the $0.450 level. There was a spike as well above the $0.4660 resistance with the price surging even higher but failed close to the $0.4880 level. As a result, there was a downside correction below this level and the pair dropped below the 23.6% fib retracement level from the upwards move of $0.4557 low to $0.4900 high.

XRP spiked below $0.4270 but remained bid above the $0.4620 with a major bullish trend line that is forming with the support of $0.4630 on the hourly charts of the pair and the trend line got closer to the 50% fib retracement level from the upwards move at $0.4557 low to $0.4900 high. The price is now trading well above the $0.4500 level and the 100 hourly simple moving average with the immediate resistance being near the $0.4880 level. Breaking above it could open the doors for another rally higher with the next key resistance being $0.5500 and if there’s no upside break in Ripple above it, it could correct lower.

The main support is near the trend line of $0.4550 with a downside break below the trend line at 4550 with a downside break below the trend line at $0..
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4550 could cut down on the pressure on the bulls in the near-term. The hourly MACD for the pair is gaining momentum in the bullish zone with the hourly RSI for the pair being well above the 50 level.
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As reported recently, Ripple tests a private version of the XRP ledger which Is designed to provide central banks a new solution for central bank digital currencies.The project dubbed Central Bank Digital currency Private Ledger will utilize the same blockchain technology as the XRP ledger and will give it more ability to handle thousands of transactions per second but also to improve the potential of scaling hundreds of thousands of TPSs over time according to the new announcement by the company.