Can Ripple (XRP) Break Its Resistance At The $0.4860 Mark And Surge Higher?

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The value of Ripple (XRP) is still in a bullish territory against Bitcoin (BTC) and the US dollar. The digital currency is facing resistance at the $0.4860 and $0.49 levels, and it needs to break these level in order to surge higher.

Ripple Price Today: Current Price of XRP

At the time of going to press, Ripple (XRP) – the third most valuable digital currency in the world based on market cap – is trading at $0.4824 after a decrease of 2 percent over the past twenty-four hours. The current market cap of Ripple (XRP) is $18.74 billion and its trading volume over the past twenty-four hours is $39.26 million.

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Ripple (XRP) Technical Analysis

Over the past two to three days, there were nice bullish movements in the value of XRP that saw it over the 46 cents mark. The digital currency traded over the resistance levels of $0.4750 and $0.48. A high was formed at the $0.4877 mark before the digital currency began a downward movement.

It later plunged and broke the 23.6 percent Fibonacci retracement level of the previous swing from the low of $0.4629 to the high of $0.4877. Furthermore, there was a break beneath the ascending channel with support at the $0.482 mark as indicated by the one-hour chart of XRP against the US dollar.

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The digital currency tested the support at $0.4750 where buyers showed up. Also, the value of the coin tested the 50 percent Fibonacci retracement level of the previous swing from the low of $0.4629 to the high of $0.4877.

At the moment, a major bullish trendline is forming with support at $0.4780 on the chart of the coin. Hence, if the value of the coin declines further, it might find support at the 47 cents mark and $0.4680 mark. If it surges higher and breaks its resistance at the $0.4860 and 49 cents mark, then it might test and trade over the 50 cents mark in the short-term.

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