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HomeAltcoin NewsRipple Price Analysis: Dips Likely To Be Supported Above $0.5

Ripple Price Analysis: Dips Likely To Be Supported Above $0.5

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  • Ripple price started a downside correction from the $0.5500 zone against the US dollar.
  • The price is now trading above $0.505 and the 55 simple moving average (4 hours).
  • There is a key bullish trend line forming with support near $0.5090 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
  • The pair could start a fresh increase above the $0.5200 resistance.

Ripple price is consolidating near $0.510 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.500 support to remain in a bullish zone.

Ripple Price Analysis

This past week, Ripple price saw a strong increase above the $0.5120 resistance against the US Dollar. The XRP/USD pair climbed above the $0.525 resistance to move into a positive zone.

There was a steady increase and the price climbed toward the $0.535 resistance. A high was formed near $0.5476 and the price recently corrected lower. There was a move below the $0.535 and $0.520 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $0.4981 swing low to the $0.5476 high.

The price is now trading above $0.505 and the 55 simple moving average (4 hours). It is trading above the 76.4% Fib retracement level of the upward move from the $0.4981 swing low to the $0.5476 high.

There is also a key bullish trend line forming with support near $0.5090 on the 4-hour chart of the XRP/USD pair. On the upside, the price is facing resistance near $0.5200.

The next major resistance is near the $0.5280 level. A close above the $0.5280 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.5500 resistance. Any more gains might send the price toward the $0.580 resistance.

Initial support on the downside is near the $0.5090 level. The next major support is near the $0.5000 level. Any more losses could lead the price toward the $0.492 level, below which the price might even test $0.465.

Ripple Price
Ripple Price

Looking at the chart, Ripple’s price is now trading above the $0.505 zone and the 55 simple moving average (4 hours). Overall, the price could start a major increase above the $0.5200 resistance.

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 – $0.5090, $0.5000, and $0.492.

Key Resistance Levels – $0.5200 and $0.5280.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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