Ripple price gained momentum this month and settled above $0.4750 against the US Dollar. XRP/USD remains in an uptrend and it could accelerate above $0.5400 and $0.5600.
- Ripple price traded as high as $0.5660 recently and later corrected lower.
- XRP/USD is currently placed well above a significant bullish trend line with support at $0.4850 on the 4-hours chart.
- XRP price could continue to move higher towards $0.5600 as long as it is above $0.4750.
Ripple Price Analysis
This month, there was a nice upward move in ripple price from the $0.4400 swing low. XRP/USD traded above a couple of important resistances near $0.4600 and $0.4750 to move further into a bullish zone.
The daily chart of XRP/USD indicates that the price broke the $0.5000 resistance and settled above the 50 simple moving average (4-hours). It traded as high as $0.5660 and later started a downside correction below $0.5400.
The price declined below the $0.5100 level and the 50% Fib retracement level of the last wave from the $0.4478 low to $0.5660 high. However, losses were protected by the $0.4900 level and the 50 simple moving average (4-hours).
More importantly, the price found support near the 61.8% Fib retracement level of the last wave from the $0.4478 low to $0.5660 high. Further below, there is a significant bullish trend line with support at $0.4850 on the same chart.
Clearly, the price is forming a solid support near the $0.4850 and $0.4900 levels. It could soon start a fresh upward move above the $0.5200 resistance, above which there are chances of a solid rise towards the $0.5500 and $0.5600 levels.
Therefore, buying in the short term near the $0.4850 level may be considered as long as there is no daily close below the $0.4750 support level.
The technical structure is positive and suggests bullish continuation in ripple price above the $0.5400 resistance levels. However, buyers need to keep a close watch on the $0.4850 and $0.4750 support levels. A successful close below $0.4750 will most likely invalidate the bullish scenario and it could push the price back towards $0.4000