Ripple Price Analysis: XRP/USD Bullish Reversal Underway

Ripple price is gaining momentum after forming a bottom near $0.4240 against the US Dollar. XRP/USD is likely to surge higher towards $0.50 and $0.55.

The past three sessions were amazing since there were bullish moves in ripple and other major cryptocurrencies. Bitcoin traded above the $6,500 resistance and Ethereum surpassed the $1450 barrier. These are important signs and suggests that the market is likely moving back in a positive zone.

Ripple Price Analysis Takeaways:

• Ripple price broke a major resistance near $0.4700 to move into a bullish zone against the US Dollar.
• There was a break above a significant bearish trend line with resistance at $0.4700 on the 4-hours chart of XRP/USD.
• The pair also formed a double bottom pattern near the $0.4240 level and jumped higher.

Looking at the 4-hours chart, ripple price formed a solid support above the $0.4200 level. There were two attempts to break the stated level, but sellers failed to gain momentum below $0.4240.

As a result, there was a double bottom pattern formed near $0.4240 and the price started a solid bullish wave. It moved above the $0.4500 resistance to start an upward move. Later, it succeeded in clearing the $0.4600 resistance, the 55 simple moving average (orange, 4-hour), and the 100 SMA (green).

More importantly, there was a break above a significant bearish trend line with resistance at $0.4700 on the same chart. Lastly, the price cracked the 50% Fib retracement level of the last major decline from the $0.5199 high to $0.4251 low.

The mentioned break above the trend line and $0.4700 is a great bullish sign. Therefore, there are chances of more gains above the $0.4800 level in the near term. The next hurdle for buyers is near the $0.5000 level.

An intermediate resistance is near $0.4950 and the 76.4% Fib retracement level of the last major decline from the $0.5199 high to $0.4251 low. A successful close above $0.4950 and $0.5000 could further cement the current bullish trend.

If there is a downside correction, ripple price may perhaps find support near the previous resistances at $0.4600 and $0.4500.