The Ripple token price has increased again and has risen to over $0.50 against the US dollar. Experts believe that XRP price could start a new rally if it clears the $0.515 and $0.525 resistance levels.
The current price is above the important $0.500 level and the 100 simple moving average (4-hours). This suggests that the Ripple token could continue to gain bullish momentum.
A bullish trend line is visible on the 4-hour chart of the XRP/USD pair forming support near $0.500. This gives bulls further impetus and could lead to further gains.
The immediate resistance is near the $0.515 level. Furthermore, the next major resistance is at $0.525. If the Ripple token price successfully clears these resistance levels, it could rise towards $0.550.
A break above this resistance could trigger a strong rally and push the price towards $0.585 and possibly even $0.600.
However, a downward correction could also occur if Ripple fails to clear the $0.515 resistance zone. The first support on the downside is near the $0.50 level and the trend line. If the price continues to fall, the next support lies at $0.490.
A break below $0.490 and a close below could result in further losses. In such a scenario, Ripple token price could retest the $0.458 support zone.
The MACD (Moving Average Convergence Divergence) on the 4-hour chart indicates that the Ripple token price is gaining further bullish momentum. The RSI (Relative Strength Index) is above the 50 mark and also indicates a positive development.
To summarize, Ripple token price is witnessing a positive trend and it could clear the $0.515 and $0.525 resistance levels. If successful, a strong rally towards $0.550 would be possible. On the other hand, a downside correction could occur if the price fails to hold the $0.50 and $0.490 support levels. The next few days will show which path the Ripple token takes.
2023-09-19 21:39:53
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