Ripple price stayed above the all-important $0.4310 support against the US Dollar. XRP/USD is likely to clear the $0.4550 and $0.4740 resistances in the near term.
Key Talking Points
- Ripple price is placed nicely above the $0.4310 and $0.4410 supports against the US Dollar.
- XRP/USD is currently testing a major contracting triangle resistance near $0.4515 on the 2-hours chart (Data feed via Bitstamp).
- XRP price remains buy on dips near the $0.4410 and $0.4310 support levels.
Ripple Price Forecast
There were three failed attempts by ripple price to clear the $0.4740 resistance against the US Dollar. The XRP/USD pair declined recently and tested the all-important $0.4310 support area.
Looking at the chart, the price corrected lower recently and traded below the $0.4500 support and the 100 simple moving average (2-hours). However, the price found a strong buying interest once again near the $0.4310 level.
The stated $0.4310 support is significant as it prevented declines on many occasions and it also represents the 50% Fib retracement level of the upward move from the $0.3885 low to $0.4735 high.
The price bounced back recently and traded above the $0.4450 level. However, it failed to clear the $0.4550 resistance and declined back below the 100 simple moving average (2-hours). More importantly, there is a major contracting triangle in place with resistance near $0.4515 on the 2-hours chart of the XRP/USD pair.
If the pair breaks the triangle resistance and the 100 SMA, it could rally towards the $0.4740-50 resistance zone. A successful break above the $0.4740 resistance zone could open the doors for a larger upward move towards the $0.5000 and $0.5100 levels.
On the flip side, if there is a downside correction the price may decline back towards the $0.4410 support. The main support is at $0.4310 where buyers are likely to appear once again.
Overall, ripple price remains well supported above $0.4310. In the short term, there could be range moves before buyers push the price above the $0.4740 resistance.
The market data is provided by TradingView.
