Ripple price analysis: XRP/USD blasts past $0.50 key critical resistance, but stalls short of $0.52
|- Ripple price path of least resistance is to the upside, but $.5485 is a significant hurdle towards $0.60.
- XRP/USD is up over 2% on the day, the price is still bullish above $0.52.
Ripple is correcting higher today, besides the charts are showing a more than 2% rise in value on the day. XRP/USD appears to be consolidating above $0.50 while the upside has stalled below the intraday cap at $0.520. The week’s trading has been fruitful for Ripple which had been limited below $0.45 since the declines that occurred at the beginning of last week.
Aside from the bullish spike on Monday this week, there was another surge on Tuesday. Ripple had run into resistance at $0.48 and lower reactions found support at the 38.2% Fib level close to $0.470. A bullish engulfing candle ensued taking the price right above the medium-term resistance at $0.50. As mentioned the Bulls lost momentum short of $0.520 but the downside daily movements have been supported above $0.505.
Moreover, at the time of covering, indicators show bullish signals and the price is likely to break above the immediate resistance at $0.52 before the close of the trading session on Wednesday. On the upside, it is vital that Ripple breaks the short-term resistance in order to get ready for another roll towards $0.6. But before that, the upper supply zone at $0.5485 is a key breakout and a major hurdle.
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