The token price of Ripple is experiencing growth as it approaches the resistance level of $0.8065 against the US Dollar. The price is currently above $0.75 and the 4-hour simple moving average of 100.
On the 4-hour chart of the XRP/USD pair, an important bullish trend line is forming with support near $0.760 (data source from Kraken). If the pair manages to overcome the resistance of $0.8065 in the short term, it could continue to rise.
Ripple Token Price Initiates a New Rally
After a strong rally, Ripple’s XRP experienced a downward correction from the resistance of $0.9500 against the US Dollar. It fell below the support zone of $0.820 and even dropped below the $0.70 support.
A low is formed at $0.6655, and the price is now rising unlike Bitcoin and Ethereum. There was a movement above the resistance levels of $0.70 and $0.72. XRP surpassed the 23.6% Fibonacci retracement level of the downward movement from the swing high at $0.9479 to the low at $0.6655.
The XRP price is now above $0.70 and the 4-hour simple moving average of 100. Additionally, an important bullish trend line is forming on the 4-hour chart of the XRP/USD pair with support near $0.760.
The initial resistance above is near the $0.8065 zone. It is close to the 50% Fibonacci retracement level of the downward movement from the swing high at $0.9479 to the low at $0.6655. The next major resistance is near the $0.840 mark.
Source: XRPUSD on TradingView.com
A successful breakthrough above the resistance level of $0.84 could drive the price towards the resistance level of $0.90. Further gains could require testing the $1 resistance.
Another Decline in XRP?
If Ripple fails to overcome the resistance zone of $0.8065, there could be another decline. The first support below is near the $0.75 zone and the trendline.
The next major support is around $0.70. If there is a breakdown and a closing price below the $0.70 mark, the XRP price could extend its losses. In this case, the price may retest the support zone of $0.62.
4-hour MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 mark.
Key Support Levels – $0.75, $0.72, and $0.70.
Key Resistance Levels – $0.8065, $0.84, and $0.95.