- Ripple price started a downside correction from the $0.5250 zone against the US dollar.
- The price is now trading near $0.482 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $0.472 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
- The pair could start a fresh increase above the $0.495 resistance.
Ripple price is consolidating near $0.482 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.470 support to start a fresh increase.
Ripple Price Analysis
This past week, Ripple price saw a downside correction below the $0.500 support against the US Dollar. The XRP/USD pair even declined below the $0.4650 level.
The price traded as low as $0.4460 before the bulls appeared. The price started a fresh increase above the $0.4650 resistance zone. It cleared the 23.6% Fib retracement level of the downward move from the $0.5263 swing high to the $0.4460 low.
There was a break above a key bearish trend line with resistance near $0.472 on the 4-hour chart of the XRP/USD pair. XRP is now trading near $0.482 and the 55 simple moving average (4 hours).
On the upside, the price is facing resistance near $0.485. The next major resistance is near the $0.495 level or the 61.8% Fib retracement level of the downward move from the $0.5263 swing high to the $0.4460 low. A clear move above the $0.495 resistance zone might start a strong increase.
In the stated case, the price could even surpass the $0.500 resistance. Any more gains might send the price toward the $0.5250 resistance.
Initial support on the downside is near the $0.470 level. The next major support is near the $0.465 level. Any more losses could lead the price toward the $0.450 level, below which the price might even test $0.440.
Looking at the chart, Ripple’s price is now trading near the $0.482 zone and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase above the $0.495 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 – $0.472, $0.465, and $0.450.
Key Resistance Levels – $0.495 and $0.50.
