- Ripple price is still consolidating above the $0.2300 and $0.2350 support levels against the US dollar.
- The price is trading well below the $0.2550 resistance, but it is above the 55 simple moving average (4-hours).
- There is a key rising channel forming with support near $0.2395 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
- The pair is likely to continue higher above $0.2500 as long as there is no close below $0.2300.
Ripple price is trading in a range above the $0.2300 support against the US Dollar. XRP price must break $0.2550 to start a fresh increase in the near term.
Ripple Price Analysis
After trading as low as $0.2283, ripple price started a minor upward move against the US Dollar. The XRP/USD pair traded above the $0.2350 resistance zone and avoid any further losses.
There was a break above the $0.2400 level and the 55 simple moving average (4-hours). The price even broke the 23.6% Fib retracement level of the key downward wave from the $0.3035 swing high to $0.2280 low.
However, the price struggled to clear the $0.2520 and $0.2550 resistance levels. The price is still trading well below the $0.2550 resistance, but it is above the 55 simple moving average (4-hours). It seems like there is a key rising channel forming with support near $0.2395 on the 4-hours chart of the XRP/USD pair.
The channel resistance is near the $0.2540 level. Therefore, the price must break the channel resistance and then gain pace above the $0.2550 resistance level to start a strong upward move.
The next major resistance is near the $0.2650 and $0.2660 levels. The 50% Fib retracement level of the key downward wave from the $0.3035 swing high to $0.2280 low is also near the $0.2660 level to act as a major hurdle for the bulls.
Conversely, the price fail to rise and it might continue to move down below $0.2350. An initial support on the downside is near the $0.2320 level. The main support is near the $0.2285 level, below which the price is likely to dive towards the $0.2200 level.
Looking at the chart, ripple price is clearly consolidating above the $0.2300 and $0.2350 support levels. Therefore, the price is likely to continue higher above $0.2500 as long as there is no close below $0.2300.
Technical indicators
4 hours MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is still below the 50 level.
Key Support Levels – $0.2350, $0.2320 and $0.2285.
Key Resistance Levels – $0.2550 and $0.2660.
