- Ripple price started a downside correction from the $0.5650 zone against the US dollar.
- The price is now trading below $0.500 and the 55 simple moving average (4 hours).
- There is a short-term rising channel forming with resistance near $0.500 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase above the $0.500 resistance.
Ripple price is consolidating near $0.488 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.4820 support to start a fresh increase.
Ripple Price Analysis
This past week, Ripple price saw a strong increase above the $0.520 resistance against the US Dollar. The XRP/USD pair even climbed above the $0.545 resistance to move into a positive zone.
There was a steady increase and the price climbed toward the $0.550 resistance. A high was formed near $0.5650 and the price recently corrected lower. There was a move below the $0.525 and $0.500 levels. It tested the $0.4550 zone.
A low is formed near $0.4550 and the price is now moving higher. It broke the $0.465 resistance zone. There was a move above the 23.6% Fib retracement level of the downward move from the $0.5650 swing high to the $0.4550 low.
XRP price is now trading below $0.50 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.500. There is also a short-term rising channel forming with resistance near $0.500 on the 4-hours chart of the XRP/USD pair.
The next major resistance is near the $0.510 level or the 50% Fib retracement level of the downward move from the $0.5650 swing high to the $0.4550 low. A clear move above the $0.510 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.540 resistance.
Any more gains might send the price toward the $0.5650 resistance. Initial support on the downside is near the $0.4820 level. The next major support is near the $0.475 level. Any more losses could lead the price toward the $0.4550 level, below which the price might even test $0.420.
Looking at the chart, Ripple’s price is now trading below the $0.50 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.500 resistance.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is above the 50 level.
Key Support Levels – $0.482, $0.465, and $0.455.
Key Resistance Levels – $0.500 and $0.510.
