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HomeAltcoin NewsRipple Price Analysis: More Gains Possible Above $0.48

Ripple Price Analysis: More Gains Possible Above $0.48

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  • 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.

Ripple Price
Ripple Price

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.

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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