The overall bullish moves in the crypto market are driving Ripple higher on Tuesday after crossing the key $0.55 level against the US dollar. At the time of writing, XRP/USD is trading at a little above $0.573.

Ripple is now the seventh most popularly traded cryptocurrency as per market cap, based on data collated by CoinMarketCap. Its current market capitalizations sites above $45 billion as on date, having been replaced from the top five by emerging and more popular digital currencies like Cardano (ADA) and Polkadot (DOT) as well as Binance Coin (BNB).

The 100 SMA on the 4-hour chart is well below the current price indicating room for further bullish moves in XRP to look forward to. As it heads on higher, Ripple has built up a strong support at around $0.51.

Latest price action indicates a possible consolidation underway around the $0.57 level, but technicals point to the uptrend going strong for now. The next resistance level worth keeping an eye out for now sits at $0.5750.

A break above this resistance level can propel XRP’s price towards the $0.60 level with a support forming just below $0.55. If, however, the resistance succeeds in preventing the price higher, sellers could take control and send Ripple’s price all the way down to the next major support level above $0.51.