- Ripple heads back to $0.6 upon finding support at $0.4.
- The resistance at $0.54 must come down to validate the upswing to $0.6.
- Losses under $0.5 may revisit the support at $0.4 and perhaps extend to $0.35.
Ripple and THETA are the best performing cryptocurrencies in the top ten list. As discussed, THETA has rallied more than 32% in the last 24 hours but seems to have hit a wall at $14. On the other hand, XRP is up nearly 12% to exchange hands at $0.53.
The recovery commenced in the wake of the mid-week losses from highs around $0.6 to the support at $0.4. Price action above the 200 Simple Moving Average (SMA) and the 100 SMA on the 4-hour chart confirmed to the investors that the path least resistance path is north.
Consequently, the bullish grip strengthened when XRP stepped above the 50 SMA on the same 4-hour chart. A real break past $0.5 has opened the door for gains targeting $0.6.
Meanwhile, the Moving Average Convergence Divergence has a bullish impulse. It also about to present a call to buy the dip as speculation mounts for the cross-border cryptocurrency to lift above $0.6.
Massive gains are expected to come into play when the MACD line (blue) crosses above the signal line. Besides, bulls will have cemented their presence in the market if the indicator enters the positive region.
XRP/USD 4-hour chart
Ripple has stepped above the 61.8% Fibonacci level resistance. However, the token is not out of the woods until higher support is established, preferably above $0.54.
On the flip side, the former resistance between $0.5 and $0.52 must transform into formidable support to prevent losses from extending into the $0.4 range. Note that another dip toward $0.4 could pave the way for losses as far as $0.35 and $0.3, respectively.
Ripple intraday levels
Spot rate: $0.53
Key support: $0.5 – $0.52
Key resistance: $0.54 and $0.6