Bitcoin’s Surge Made XRP Move Into The Green Zone: Price Analysis

Bitcoin’s surge made XRP move into the green zone finally as Ripple trimmed its losses after Bitcoin’s rally against the US dollar.
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The price gained 30% and is now trading well above the $0.5500 resistance level so let’s take a closer look at the Ripple price news and analysis.

Ripple’s price is now trading well above the $0.5200 and the 100 simple moving average with a break above the key declining channel and the $0.5300 on the 4-hour charts of the pair with the XRP/USD pair gaining pace and aiming for a test of the $0.6000 resistance zone. Yesterday there was a drop in Ripple’s price below $0.450 as it traded as low as $0.4352 but now started a new increase thanks to Bitcoin. Bitcoin’s surge made XRP move into the green zone as the bulls took over control of the market and XRP surged above the $0.500 resistance level.

The upward movement was such that the price gained more than 30% with a break above a key declining channel and resistance near the $0.53000 on the 4-hour charts of the pair. XRP/USD even surpassed the 50% fib retracement level from the key downward wave at the $0.5945 high to the $0.4350 low and spiked above the $0.550 resistance. XRP I snow trading near $0.5700 resistance and the 100 simple moving average while showing a lot of positive signs with immediate resistance near the $0.5890 level. XRP is now close to the 61.8% fib retracement level of the key downward wave from the $0.5945 high to the $0.4350 swing low with a close above it making it able to set a pace for a new upward movement towards the $0.600 and the $0.6120 levels in the near-term.

If XRP starts a new short-term downside correction, it could find support near the $0.550 level with the first major support nearing the $0.5400 level where the bulls will take a stand. The main support is near the broken channel trend line of $0.5200 with more losses to decrease the current bullish pressure. The 4-hour MACD for the pair is gaining momentum in the bullish zone while the 4-hour RSI for the pair is well above the 50 levels. The major support levels are set at $0.5500 and $0.5400 while the major resistance levels are set at $0.5800 and $0.5890 level.