Daily Outlook

Ripple (XRP) Price Starts Significant Uptrend: Can It Test $0.50?

Ripple (XRP) Price Starts Significant Uptrend: Can It Test $0.50?

Ripple price is up more than 15% again today and it recently broke $0.420 against the US dollar.

The price surged above the $0.4300 level and traded to a new 2019 high near the $0.4480 level.

There is a major ascending channel forming with support near $0.4080 on the hourly chart of the XRP/USD pair (data source from Kraken).

The pair remains in a significant uptrend and it could continue higher towards $0.4600 or $0.5000.

Looking at the chart, ripple price is placed in a strong uptrend above $0.4200 and $0.4100. If the price starts a major downside correction, there are chances of a break below $0.4000. The main support is near the $0.3740, where the bulls may appear. Overall, the price is likely to remain strong and trade towards $0.4800 or even $0.5000.

Hourly MACD – The MACD for XRP/USD is currently placed heavily in the bullish zone, with positive signs.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 70 level, with a flat structure.

Major Support Levels – $0.4200, $0.4100 and $0.4080.

Major Resistance Levels – $0.4500, $0.4600 and $0.4800.

Ripple (XRP) Price Starts Significant Uptrend: Can It Test $0.50?, NewsBTC, May 15
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