17. abril 2024

Ripple Price Analysis: Bulls Aiming For $0.5500?

• Ripple price started a downside correction from the $0.5500 zone against the US dollar.
• There is a key bullish trend line forming with support near $0.5090 on the 4-hour chart of the XRP/USD pair.
• Ripple price must stay above the $0.500 support to remain in a bullish zone.

Ripple Price Analysis

Ripple price started a downside correction from the $0.5500 zone against the US dollar, trading above $0.505 and the 55 simple moving average (4 hours). There is a key bullish trend line forming with support near $0.5090 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase above the $0.5200 resistance if it stays above the $0.500 support level to remain in a bullish zone.

Technical Indicators

Looking at technical indicators, Ripple’s price is now trading above the $0.505 zone and 55 simple moving average (4 hours). The MACD for XRP/USD is now gaining momentum in bearish zone while RSI for XRP/USD is near 50 level indicating sideways movement of prices in future trading sessions .

Key Support Levels

The major supports levels are identified as :$0.5090, $0.5000, and $0