Ripple price fell towards the $0.5050 level against the US Dollar. XRP/USD is currently recovering towards the $0.5500 and $0.5550 resistance levels.
Key Talking Points
Ripple price found support near the $0.5050 level after a major slide against the US Dollar.
The XRP/USD pair is currently attempting an upside break above a key bearish trend line with resistance near $0.5480 on the 2-hours chart (Data feed via Bitstamp).
The pair may continue to move higher towards the $0.5550 and $0.5700 resistance levels.
Ripple Price Forecast
There was a nasty decline from the $0.6800 swing high in Ripple price against the US Dollar. The XRP/USD pair fell sharply and broke many support levels near the $0.5500 and $0.5300 levels.
Looking at the chart, the price traded well below the $0.5500 pivot level and the 100 simple moving average (2-hours). It traded as low as $0.5044 and is currently attempting an upside correction.
It is testing the 23.6% Fib retracement level of the last decline from the $0.6801 high to $0.5044 low. More importantly, the XRP/USD pair is currently attempting an upside break above a key bearish trend line with resistance near $0.5480 on the 2-hours chart.
The pair has to settle above the $0.5480 and $0.5500 resistance levels to gain traction. Moreover, there should be a break above the $0.5550 resistance zone for an upside push.
Should there be a break and close above $0.5550, the price may trade towards the 50% Fib retracement level of the last decline from the $0.6801 high to $0.5044 low near $0.5900.
On the flip side, if the price fails to move past the $0.5550 resistance level, it could decline once again. On the downside, an initial support is near the $0.5200 level, followed by $0.5100.
The overall price action is still bearish, but there is a chance of an upside move above the $0.5550 resistance in the near term. However, gains could be contained by the $0.5900 and $0.5920 resistance levels.