XRP Surges Above $0.50 And Could Start Another Rally Higher

XRP surges above $0.50 as it started a strong rally after it settled above $0.300 against the US dollar with the price being up over 50% and clearing the $0.5000 barrier to enter the positive zone so let’s read more in our latest Ripple news.

Ripple started a strong increase after a week of slow movements and was able to break above $0.4000 against the US dollar. The price is now trading well above the $0.5000 level and the 100-day simple moving average with a break of the major bearish trend line with resistance close to $0.5000 on the daily charts of the XRP/USD pair that could rise again above $0.6500 in the near-term.

After consolidating above $0.2400 for a few days, Ripple’s XRP started a strong increase and broke the $0.3000 resistance zone that opened the doors for a strong surge. There was also a 50% rally with the price clearing many hurdles and outperforming both ETH and BTC. The price surpassed the 50% fib retracement level from the main downwards move from the $0.7877 to $0.1715 low with a break above the major bearish trend line and resistance near $0.5000 on the daily charts of the pair. The pair is now trading well above the $0.500 level and the 100-day simple moving average so the immediate resistance is nearing the $0.6420 level and a close of the 76.4% fib retracement of the main downwards move from the $0.78 swing high to the $0.1715 low.

The next major resistance is also nearing the $0.6800 zone above which the bulls could aim for a test of the $0.7500 resistance level in the near-term. The immediate resistance could be close to the $0.7280 level so if Ripple is able to start a downside correction, it will remain stable at $0.5500 while the first major support is near the $0.5200 level. As XRP surges above $0.50, the main support is set right there so if the price fails o stay above it, there will be more downside extensions towards the $0.400 support zone.

The daily RSI for the pair is well above the 60 levels in overbought conditions while the major support levels are set at $0.550 and $0.5200. As reported earlier, Other projects on the market from the DeFi space saw significant losses with fears swamping the market after the Gamestop fiasco.