Ripple Price Analysis: XRP/USD Rally Gains Pace Above $0.50 ByAayush JindalPRO INVESTOR Updated: 07 August 2021 DisclosureWe sometimes use affiliate links in our content, when clicking on those we might receive a commission – at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy. Join Our Telegram channel to stay up to date on breaking news coverage Key Highlights Ripple price surged higher recently and broke the $0.4700 and $0.5000 resistances against the US dollar. There is a short term connecting bullish trend line formed with support at $0.5000 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair is currently placed nicely in a bullish zone and it could accelerate above $0.5140. Ripple price rallied recently against the US Dollar and Bitcoin. XRP/USD is currently correcting, but dips remain well supported near $0.5000 and $0.4950. Ripple Price Analysis Yesterday, we discussed that dips remain supported near $0.4560 in ripple price against the US Dollar. The XRP/USD pair formed a solid support near $0.4500 and later started a major upward move. It rallied above the $0.4560 resistance and the 100 hourly simple moving average. Moreover, there was a break above yesterday’s discussed declining channel with resistance at $0.4535 on the hourly chart of the XRP/USD pair. The pair surged above the $0.4700 and $0.5000 resistance levels and moved into a bullish zone. A new weekly high was formed at $0.5140 before the price started consolidating gains. It recently declined below the 23.6% Fib retracement level of the last wave from the $0.4780 low to $0.5140 high. However, there is a decent support formed near the $0.5000 and $0.4950 levels. There is also a short term connecting bullish trend line formed with support at $0.5000 on the same chart. Besides, the 50% Fib retracement level of the last wave from the $0.4780 low to $0.5140 high is at $0.4960 to prevent losses. Looking at the chart, ripple price is trading nicely in an uptrend above the $0.4950 level. The price is likely to continue higher and buyers could make an attempt to push the price above $0.5200 in the near term. Looking at the technical indicators: Hourly MACD – The MACD for XRP/USD is placed nicely in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the overbought levels. Major Support Level – $0.5000 Major Resistance Level – $0.5140 The post Ripple Price Analysis: XRP/USD Rally Gains Pace Above $0.50 appeared first on NewsBTC. Join Our Telegram channel to stay up to date on breaking news coverage