Ripple price surged higher and broke the $0.5500 resistance area against the US Dollar. XRP/USD is correcting sharply lower, but there are many supports near $0.5100.
- Ripple price surged higher recently and traded close to the $0.5700 level.
- XRP/USD broke a major triangle resistance near $0.4600 on the 4-hours chart.
- XRP is currently correcting lower, but it could find support near $0.5100.
Ripple Price Analysis
A major upward move started from the $0.4380 support area in ripple price against the US Dollar. XRP/USD surged higher and broke many resistances on the way up, including $0.5100 and $0.5500.
The 4-hours chart indicates that the price formed a solid support near $0.4380 and rallied above the 100 simple moving average (4-hours) to move into a bullish zone.
It broke a major triangle resistance near $0.4600 on the same chart to start the upward move. Buyers were successful in clearing the $0.4980 and $0.5100 resistance levels, which is an important bullish signal.
The price traded above the $0.5500 level and almost tested the $0.5700 level. A new monthly high was formed at $0.5692 and later the price corrected lower. It recently moved below the 23.6% Fib retracement level of the recent wave from the $0.4506 low to $0.5692 high.
However, the current wave is likely to find a solid support near the $0.5100 level, which was a resistance earlier. It also coincides with the 50% Fib retracement level of the recent wave from the $0.4506 low to $0.5692 high.
Below $0.5100, the next key support is near the $0.4980 level. As long as the price is above $0.4980, it remains supported for further upsides. On the upside, an immediate resistance is at $0.5650 followed by $0.5700, above which the price could accelerate higher towards the $0.5950 level.
The overall price action is very bullish and it seems like ripple price moved sharply into a bullish zone above $0.5000. In the short term, there could be bearish or corrective moves, but XRP remains supported near the $0.5100 and $0.4980 levels.
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