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Ripple (XRP) Price Starts Significant Uptrend: Can It Test $0.50?
Ripple price is up more than 15% again today and it recently broke $0.420 against the US dollar.The price surged above the $0.4300 level and traded to a new 2019 high near the $0.4480 level.There is a major ascending channel forming with support near $0.4080 on the hourly chart of the XRP/USD pair (data source from Kraken).The pair remains in a significant uptrend and it could continue higher towards $0.4600 or $0.5000.Ripple price remained in a strong uptrend and climbed against the US Dollar and bitcoin. XRP settled above the $0.4200 level and it is likely to accelerate above $0.4500.Ripple Price AnalysisYesterday, we saw the start of a strong rally in ripple price above the $0.3500 resistance against the US Dollar. The XRP/USD pair broke many resistance near the $0.3800 level and settled well above the 100 hourly simple moving average. The pair is up more than 40% in the past three days and it recently cleared the $0.4000 resistance level. The upward move was strong as the price cleared the $0.4200 resistance. A new 2019 high was formed near the $0.4480 level and the price is currently in a strong uptrend.It is testing the 23.6% Fib retracement level of the recent wave from the $0.3754 low to $0.4482 high. On the downside, there are many supports near the $0.4220 and $0.4180 levels. There is also a major ascending channel forming with support near $0.4080 on the hourly chart of the XRP/USD pair. The channel support is close to the 50% Fib retracement level of the recent wave from the $0.3754 low to $0.4482 high. Therefore, if there is a downside correction, the price may find support near the $0.4200 or $0.4100 area.On the upside, a break above the channel resistance could push the price above $0.4500. The next key resistance is near the $0.4600, above which the price is likely to accelerate towards the $0.4800 level. In the best case, the bulls may even target the $0.5000 level in the next three sessions.Looking at the chart, ripple price is placed in a strong uptrend above $0.4200 and $0.4100. If the price starts a major downside correction, there are chances of a break below $0.4000. The main support is near the $0.3740, where the bulls may appear. Overall, the price is likely to remain strong and trade towards $0.4800 or even $0.5000.Technical IndicatorsHourly MACD – The MACD for XRP/USD is currently placed heavily in the bullish zone, with positive signs.Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 70 level, with a flat structure.Major Support Levels – $0.4200, $0.4100 and $0.4080.Major Resistance Levels – $0.4500, $0.4600 and $0.4800.
Author: Aayush Jindal
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