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Charted: Ripple (XRP) Forms Support Base, Why It Could Rally Above $0.50

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Ripple is consolidating above the key $0.4500 support zone against the US Dollar. XRP price is showing bullish signs and it may soon rally above the $0.5000 resistance.

  • Ripple formed a support base above $0.4500 and recovered higher against the US dollar.
  • The price is now trading well above the $0.4500 support and the 100 hourly simple moving average.
  • There is a major bullish trend line forming with support near $0.4630 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to continue higher above the $0.4880 and $0.5000 resistance levels.

Ripple Price is Showing Positive Signs

In the past 2-3 sessions, there were strong bullish moves in bitcoin and ethereum against the US Dollar. XRP price is also stable and it seems like there is a strong support base forming above the $0.4500 level.

Recently, there was a spike above the $0.4660 resistance. The price even surged above the $0.4800 level, but it failed near $0.4880. As a result, there was a downside correction below the $0.4800 level. The declined below the 23.6% Fib retracement level of the upward move from the $0.4557 swing low to $0.4900 high.

XRP even spiked below $0.4720, but it remained well bid above $0.4620. There is also a major bullish trend line forming with support near $0.4630 on the hourly chart of the XRP/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $0.4557 swing low to $0.4900 high.

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Ripple (XRP)

Source: XRPUSD on TradingView.com

The price is now trading well above the $0.4500 support and the 100 hourly simple moving average. An immediate resistance is near the $0.4880 level. A clear break above $0.4880 will most likely open the doors for a rally above the $0.5000 barrier. The next key resistance could be $0.5500.

Downsides Limited in XRP?

If there is no upside break in ripple above $0.4880 and $0.5000, it could correct lower. An initial support on the downside is near the $0.4720 level.

The main support is near the trend line and $0.4550. A downside break below the trend line and $0.4550 could out a lot of pressure on the bulls in the near term.

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Technical Indicators

Hourly MACD – The MACD for XRP/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well above the 50 level.

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Major Support Levels – $0.4720, $0.4600 and $0.4550.

Major Resistance Levels – $0.4880, $0.5000 and $0.5500.

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Former U.S. Treasurer Praises XRP While Dismissing Other Cryptocurrencies

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Rosie Rios chooses XRP over other cryptocurrencies, but there’s a catch

Former U.S. Treasurer Rosie Rios recently typed out some words of praise for XRP’s utility.

In her tweet, Rios claims that the Ripple-affiliated digital currency is used for cross-border payments, which she believes sets it apart from other coins that are mainly useful for speculation.

The ex-treasurer, whose name was printed on billions of U.S. dollar banknotes, believes that China’s most severe cryptocurrency ban to date is somehow supposed to highlight the difference.

“Rios’s words, of course, have to be taken with a significant pinch of salt given that she’s currently on Ripple’s payroll.

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As reported by U.Today, the San Francisco-based company added her to its Board of Directors in early May.

Kraken CEO Jesse Powell took a veiled swipe at Rios and Ripple in response to the recent effort to promote XRP:  

If you were wondering where some of these politicians get their ideas. We aren’t all on the same team, and we don’t all have the same goals. Don’t forget that.

In March, Powell opined that XRP started posing a “huge asymmetrical risk” to exchanges after Ripple was sued by the U.S. Securities and Exchange Commission last December.

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Ripple Price Analysis: XRP bounces from $0.90, ready for further upside today?

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  • Ripple price analysis is bullish for today.
  • XRP/USD found support above $0.90 again.
  • XRP is set to rally high today.

Ripple price analysis is bullish today as another retest of the further downside was met with rejection, indicating an upcoming reversal. Since XRP/USD saw a bullish momentum return this morning, we expect this to continue later today, with the $1 mark likely to be broken again.

Ripple Price Analysis: XRP bounces from $0.90, ready for further upside today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. The market leader, Bitcoin is up by 6.59 percent, while Ethereum has spiked by 11.6 percent. The rest of the top altcoin follow, with a gain of around 7-9 percent.

Ripple price movement in the last 24 hours: Ripple rallies from $0.90 support again

XRP/USD traded in a range of $0.8948 – $0.9815, indicating a substantial amount of volatility over the last 24 hours. Trading volume has increased by 7.76 percent and totals $3.342 billion, while the total market capitalization trades around $45.13 billion, ranking the coin in 6th place overall.

XRP/USD 4-hour chart: XRP starts to move higher

On the 4-hour chart, we can see the Ripple price action gaining strength this morning, indicating further upside will follow today.

Ripple Price Analysis: XRP bounces from $0.90, ready for further upside today?
XRP/USD 4-hour chart. Source: TradingView

The overall market price action has traded within a strong bearish momentum over the past weeks. After an initial spike lower on the 7th of September, support was found around the $1.05 mark.

Above the support, XRP/USD consolidated for several days until another spike lower was seen on the 20th of September. This time, support was found above $0.85, with some consolidation above $0.90.

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Later last week, the support was retested several times, with the last one, seen yesterday, quickly rejecting any further downside, indicating exhaustion for bears. Overall, this Ripple price action development should lead towards further upside later this week.

Ripple Price Analysis: Conclusion 

Ripple price analysis is bullish today as a further downside was rejected again yesterday, and bulls have gathered strengths for a small rally this morning. Therefore, we expect to see XRP/USD reach further upside over the next 24 hours.

While waiting for Ripple to move further, read our guides on NFT Games, CoinJar, as well as Bitcoin Memes.

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Ripple’s Use Case Stand Out While Others Remain Speculative

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  • Ripple and SEC legal talks continue.
  • XRP provides great cross border payments.

The Securities and Exchange Commission (SEC) and Ripple (XRP) legal talks in the US continue to heat up. As a result, these issues have become one of the most talked-about topics in the crypto world. Recently, the CEO of Ripple, Brad Garlinghouse, insisted that the SEC has provided no clarity in crypto regulation and has lost sight of its mission to protect investors.

Despite this ongoing heated debate between SEC and Ripple, XRP continues to provide global service to all its users. This made Rosie Rios, the 43rd Treasurer of the United States, react in a tweet she posted:

This tweet posted by Rose Rios on Twitter speaks about the clear use case of XRP. In detail, XRP is one of the digital assets in the crypto world that provides a good use case for cross-border payments. The fast, secured, and low transaction fee is one of the highlights of XRP’s blockchain.

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However, not all digital assets are like Ripple. Other cryptos use cases remain in speculation. As a result, authorities in other countries can’t help but tighten their security against these crypto assets. For instance, China, in the past days, released a statement about its continued crypto ban.

Today, Ripple trades a decent price of $.97 per crypto with a market cap of over $45 billion. In terms of market position, Ripple remains one of the top ten digital assets in the crypto market.

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