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Ripple rose over 40% and even broke the $ 0.4500 resistance against the US dollar. The weekly XRP price chart suggests high possibilities of further upside towards $ 0.6000 and $ 0.7500.
- Ripple started a strong rally after breaking the $ 0.3000 resistance zone against the US dollar.
- The price even broke above the $ 0.4000 resistance and settled well above the 100-week simple moving average.
- There has been a break above a crucial bearish trend line with resistance near $ 0.2950 on the XRP / USD weekly chart (source Kraken).
- The pair remains high and the bulls may point to a test of $ 0.6000 or even $ 0.7500.
Ripple’s XRP Price Rises 40%
In the past few days, there has been a sharp rise in the ripple XRP price above the $ 0.3000 resistance zone. The price gained pace after a proper close above $ 0.3000 and the 100-week simple moving average occurred.
More importantly, there has been a break above a crucial bearish trend line with resistance near $ 0.2950 on the XRP / USD weekly chart. It opened the door for a sharp rise above $ 0.3200 and $ 0.3500. The price even climbed above the 61.8% Fib retracement level of the main swing drop of $ 0.5081 to the low of $ 0.1131.
The ripple price stabilized above the $ 0.4000 resistance and reached $ 0.5000. The price is now trading above the 76.4% Fib retracement level of the main drop from the swing high of $ 0.5081 to the swing low of $ 0.1131.
Source: XRPUSD on TradingView.com
The current weekly candlestick looks positive and there seems to be a chance for further upside above $ 0.5000 and $ 0.5080 swing at the maximum. The next target for the bulls could be the $ 0.6000 level. Any further gains could open the door for a rally to the $ 0.7500 level.
The 1.618 Fibonacci extension level of the main drop from the swing high of $ 0.5081 to the swing low of $ 0.1131 at $ 0.7522 could be the target of the bulls in the coming weeks.
Diving limited to XRP?
If Ripple fails to break out of the $ 0.5000 and $ 0.5080 resistance levels, there may be a downward correction. The first key support is near the $ 0.4150 level.
The next major support is near the $ 0.3550 level (a multi-touch zone), below which the price could fall towards the $ 0.3000 breakout zone and the 100-week simple moving average.
Technical indicators
4-Hour MACD – The MACD for XRP / USD is now gaining pace in the bullish zone.
4-hour RSI (relative strength index) – The RSI for XRP / USD is currently well above the 70 level.
Major Support Levels – $ 0.4150, $ 0.3850 and $ 0.3550.
Major resistance levels: $ 0.5000, $ 0.5080 and $ 0.6000.
