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.
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Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]