- Ripple price is facing resistance near the $0.465 level against the US dollar.
- The price is now trading above $0.420 and the 55 simple moving average (4-hours).
- There is a key rising channel forming with resistance near $0.4650 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could start a major increase above the $0.4800 resistance.
Ripple price is correcting lower from $0.4920 against the US Dollar, similar bitcoin. XRP price must stay above the $0.4200 support to remain in a bullish zone.
Ripple Price Analysis
After attempting an upside break above the $0.4920 resistance, ripple price started a downside correction against the US Dollar. The XRP/USD pair declined below the $0.4650 level.
There was a clear move below the $0.4500 level, but it stayed above the 55 simple moving average (4-hours). The bears pushed the price below the 50% Fib retracement level of the upward move from the $0.3720 swing low to $0.4926 high.
It even spiked below the $0.4200 level and tested the 61.8% Fib retracement level of the upward move from the $0.3720 swing low to $0.4926 high.
XRP is now rising and trading above the $0.4350 level. On the upside, the price is facing resistance near $0.4650. There is also a key rising channel forming with resistance near $0.4650 on the 4-hours chart of the XRP/USD pair. The next major resistance is near the $0.4800 level.
A clear move above the $0.4800 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.4920 resistance. Any more gains might send the price towards the $0.5150 resistance.
An initial support on the downside is near the $0.4440 level. The next major support is near the $0.4200 level and the channel lower trend line. Any more losses could lead the price towards the $0.4000 level, below which the price might even test $0.3720.
Looking at the chart, ripple price is now trading above the $0.42 zone and the 55 simple moving average (4-hours). Overall, the price could start a major increase above the $0.4800 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 – $0.440, $0.420 and $0.400.
Key Resistance Levels – $0.4650 and $0.480.
