- Ripple price started a downside correction from the $0.5850 zone against the US dollar.
- The price is now trading below $0.512 and the 55 simple moving average (4 hours).
- There is a key bearish trend line forming with resistance near $0.5080 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair could start a major increase above the $0.5120 resistance.
Ripple price is consolidating near $0.500 against the US Dollar, similar to Bitcoin. XRP price must stay above the $0.4820 support to remain in a bullish zone.
Ripple Price Analysis
This past month, Ripple price saw a strong increase above the $0.4850 resistance against the US Dollar. The XRP/USD pair even climbed above the $0.50 resistance to move into a positive zone.
There was a steady increase and the price climbed toward the $0.60 resistance. A high was formed near $0.5847 and the price recently corrected lower. There was a move below the $0.550 and $0.520 levels. It tested the $0.4820 zone.
A low is formed near $0.4822 and the price is now consolidating. XRP price is now trading below $0.512 and the 55 simple moving average (4 hours). On the upside, the price is facing resistance near $0.5080.
There is also a key bearish trend line forming with resistance near $0.5080 on the 4-hours chart of the XRP/USD pair. The trend line is near the 23.6% Fib retracement level of the downward move from the $0.5847 swing high to the $0.4822 low.
The next major resistance is near the $0.5120 level. A clear move above the $0.5120 resistance zone might start a strong increase. In the stated case, the price could even surpass the $0.5320 resistance.
Any more gains might send the price towards the $0.5500 resistance or the 61.8% Fib retracement level of the downward move from the $0.5847 swing high to the $0.4822 low.
Initial support on the downside is near the $0.4950 level. The next major support is near the $0.482 level. Any more losses could lead the price toward the $0.4650 level, below which the price might even test $0.4500.
Looking at the chart, Ripple’s price is now trading below the $0.512 zone and the 55 simple moving average (4 hours). Overall, the price could start a major increase above the $0.5120 resistance.
Technical indicators
4 hours MACD – The MACD for XRP/USD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is below the 50 level.
Key Support Levels – $0.4950, $0.482, and $0.465.
Key Resistance Levels – $0.5080 and $0.5120.