Ripple price remains in an uptrend above the $0.5000 support against the US Dollar. XRP/USD could dip a few points before it rallies towards $0.6200 and $0.6400.
- Ripple price is placed nicely above the $0.5000 and $0.4910 support levels.
- XRP/USD is following an ascending channel with support at $0.5510 on the 4-hours chart.
- XRP price could dip towards the $0.5000 and $0.4910 support levels before an upside move.
Ripple price analysis
During the past few days, there were mostly positive moves above the $0.5200 level in ripple price against the US Dollar. XRP/USD seems to have formed a solid support near the $0.5200 level and is currently consolidating.
The 4-hour chart indicates that the price started a slow and steady rise after trading as low as $0.4362. It moved above the 23.6% Fib retracement level of the last drop from the $0.7975 high to $0.4362 low.
More importantly, the price is trading well above the $0.5000 support and the 100 simple moving average (4-hours). However, the chart suggests that the price is facing a significant resistance near the $0.6250 level.
There were multiple rejections noted around the $0.6150-0.6250 zone. It also coincides with the 50% Fib retracement level of the last drop from the $0.7975 high to $0.4362 low. Therefore, a break above $0.6250 will most likely open the doors for a larger rally towards the $0.6400 and $0.6800 levels in the coming days.
At the outset, XRP price is following an ascending channel with support at $0.5510 on the same chart. In the short term, the current price action points a downside reaction below the channel support at $0.5510.
However, the $0.5000 and $0.4910 support levels are likely to act as strong hurdles for sellers. As long as the price is above the $0.4910 pivot level, XRP/USD is likely to bounce back.
On the upside, an initial resistance is at $0.5800, above which the price is likely to break the $0.6250 resistance area. Overall, ripple price remains in an uptrend and more gains are possible until there is a daily close below $0.4910.