- Ripple price started a downside correction from the $0.5080 zone against the US dollar.
- The price is now trading above $0.490 and the 55 simple moving average (4 hours).
- There was a break below a key bullish trend line with support at $0.4960 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase unless there is a close below $0.4750.
Ripple price is consolidating near $0.490 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.475 support to remain in a bullish zone.
Ripple Price Analysis
This past week, Ripple price saw a decent increase above the $0.4500 resistance against the US Dollar. The XRP/USD pair climbed above the $0.475 resistance to move into a positive zone.
The bulls even pumped the price above the $0.485 resistance. A high was formed near $0.5086 and the price recently corrected lower. There was a move below the $0.500 and $0.492 levels. The bears pushed the price below the 23.6% Fib retracement level of the upward move from the $0.4589 swing low to the $0.5086 high.
Besides, there was a break below a key bullish trend line with support at $0.4960 on the 4-hour chart of the XRP/USD pair. The price is now trading above $0.490 and the 55 simple moving average (4 hours).
It is trading above the 50% Fib retracement level of the upward move from the $0.4589 swing low to the $0.5086 high. On the upside, the price is facing resistance near $0.500.
The next major resistance is near the $0.5080 level. A close above the $0.5080 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.5200 resistance. Any more gains might send the price toward the $0.535 resistance.
Initial support on the downside is near the $0.485 level. The next major support is near the $0.475 level. Any more losses could lead the price toward the $0.45 level, below which the price might even test $0.420.
Looking at the chart, Ripple’s price is now trading above the $0.49 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase unless there is a close below $0.4750.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is near the 50 level.
Key Support Levels – $0.4850, $0.4750, and $0.4500.
Key Resistance Levels – $0.5000 and $0.5080.
