Ripple (XRP) Rallies 10%, Why It Could Outperform BTC and ETH

Ledger Nano X - The secure hardware wallet
Ripple’s XRP
Genesis-mining


Ripple started a strong increase from the $0.4400 support zone against the US Dollar. XRP price is now trading well above $0.5500 and it is likely to continue higher above $0.6000.

Ripple is up over 10% and it cleared the main $0.5000 resistance zone against the US dollar.
The price is now above $0.5500 and the 100 simple moving average (4-hours).
There is a key bullish trend line forming with support near $0.5200 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
The pair could is likely to continue higher above the $0.5950 and $0.6000 resistance levels.

Ripple’s XRP Price is Gaining Momentum

In the past few days, ripple’s XRP formed a strong support base above $0.4500. The price started a fresh increase and broke many important hurdles near the $0.5000 level.

The bulls gained strength above the $0.5000 zone. The price even cleared the $0.5500 resistance and it settled nicely above the 100 simple moving average (4-hours). Finally, the price tested the $0.6000 resistance and a high is formed near $0.6005.

Phemex

XPR is clearing outperforming bitcoin and ethereum, with strong moves above $0.5500. Recently, there was a downside correction below the 23.6% Fib retracement level of the upward move from the $0.4963 low to $0.6005 high.

Source: XRPUSD on TradingView.com

However, the bulls were active near the $0.5500 zone. The price also found support near the 50% Fib retracement level of the upward move from the $0.4963 low to $0.6005 high.

It is currently rising and it is likely to revisit the $0.6000 resistance. If there is a clear break above the $0.6000 zone, there are high chances of a move towards the $0.6200 and $0.6320 levels.

Fresh Drop in XRP?

If ripple fails to clear the $0.5950 resistance or $0.6000, it could start a downside correction. An initial support on the downside is near the $0.5600 level.

The first major support is near the $0.5500 level. Any more losses might lead the price towards the $0.5000 support zone. The main support is now forming near the $0.4750 level and the 100 simple moving average (4-hours).

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

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

Major Support Levels – $0.5600, $0.5500 and $0.5000.

Major Resistance Levels – $0.5950, $0.6000 and $0.6200.



  • Bitcoin
  • Ethereum
  • Tether
  • Dogecoin
Scan to Donate Bitcoin to 14dNrgxvkPsmFNUSW1h2Qit8ox5AioJpNc

Help us! Donate any amount of Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xe925df5a97c85f2d52547bace18feca6e0bfa6cc

Help us! Donate any amount of Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Tether to 0xe925df5a97c85f2d52547bace18feca6e0bfa6cc

Help us! Donate any amount of Tether to this address

Scan the QR code or copy the address below into your wallet to send some Tether

Scan to Donate Dogecoin to D9tRctXqnQeqSKFBzWeHFHCwTu7rcRE4XQ

Help us! Donate any amount of Dogecoin to this address

Scan the QR code or copy the address below into your wallet to send some Dogecoin



Source link

Coinmama

Be the first to comment

Leave a Reply

Your email address will not be published.


*