Ripple Price Analysis: XRP/USD Basing For Next Move Higher
Ripple price tested the $0.4735 resistance recently and corrected lower against the US Dollar. XRP/USD is currently testing the previous resistance at $0.4490-0.4500.
Key Talking Points
Ripple price was recently rejected from the range resistance at $0.4735 against the US Dollar.
There was a break above a major bearish trend line with resistance at $0.4525 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
XRP price remains supported on dips near the $0.4490 and $0.4480 levels.
Ripple Price Forecast
There was a solid upward move in ripple price above the $0.4500 level against the US Dollar. The XRP/USD pair traded close to the $0.4750 level and later started a downside correction.
Looking at the chart, the price corrected and tested the $0.4340 zone where buyers emerged. It represents the 50% Fib retracement level of the last major upward move from the $0.3881 low to $0.4739 high.
Later, the price bounced back and broke the $0.4580 resistance. Moreover, there was a break above a major bearish trend line with resistance at $0.4525 on the 2-hours chart of the XRP/USD pair.
The pair retested the $0.4735 swing high, which once again acted as a strong resistance. Later, there was another downside correction and the price moved below the $0.4580 level and the 100 simple moving average (2-hours).
However, the broken trend line is currently acting as a support near the $0.4490 level. If buyers fail to keep the price above the $0.4490 and $0.4480 support levels, there could be a fresh retest of the $0.4340 support.
On the other hand, if the price bounces back, it could climb above the $0.4580 and $0.4600 resistance levels. The most important resistance on the upside is at $0.4735, above which the price may rise to $0.5000.
Overall, ripple price is placed nicely above the $0.4480 and $0.4490 support levels. Therefore, there are high chances of a fresh upward move above the $0.4550 and $0.4580 levels in the near future.