Ripple (XRP) Price Starts Fresh Rally: Bulls Aiming for $0.47 and $0.48
Ripple price started a fresh rally above the $0.4360 and $0.4460 resistance levels. XRP is forming a bullish pattern and it could continue to rise above $0.4500 and $0.4600.
- The price rallied sharply and traded to a new multi-day high above the $0.4620 level.
- XRP is trading inside a breakout pattern with resistance at $0.4510 on the 30-minute chart.
- Ripple price could climb higher sharply once it clears the $0.4510 and $0.4560 resistances.
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Ripple Price Analysis (XRP to USD)
Recently, bitcoin price surged to a new 2019 high above the $9,300 level, lifting the market sentiment for Ethereum and ripple. XRP/USD broke a few important resistances near $0.4360 and $0.4420 to start a strong upward move.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair settled above the $0.4460 pivot level and the 25 simple moving average (30-minute chart). The bulls gained strength and were successful in pushing the price above the $0.4560 and $0.4600 levels.
A new weekly high was formed at $0.4641 and the price recently corrected lower. It broke the $0.4560 support plus the 23.6% Fib retracement level of the upward move from the $0.4260 low to $0.4641 high.
However, the decline was protected by the previous swing high at $0.4440. Moreover, the price remained well bid near $0.4460 and the 25 simple moving average (30-minute chart).
The 50% Fib retracement level of the upward move from the $0.4260 low to $0.4641 high also played its role very well. At the moment, XRP price is trading inside a breakout pattern with resistance at $0.4510 on the same chart.
If there is an upside break above the $0.4510 and $0.4550 levels, the price is likely to start another increase towards the $0.4600 level. The next key resistances are $0.4640 and $0.4650, above which the next stops for the bulls could be $0.4700 and $0.4720.
On the downside, an immediate support is near the $0.4440 level. If ripple price fails to stay above $0.4440, it could correct lower towards the main support at $0.4340 and a connecting bullish trend line on the same chart.
The market data is provided by TradingView, Bitfinex.
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