Ripple price is slowly moving higher above the $0.6500 pivot level against the US Dollar. XRP/USD could accelerate gains above the $0.6900 and $0.7000 levels.
Key Talking Points
- Ripple price is placed nicely above the $0.6500 and $0.6600 support levels against the US Dollar.
- There is a crucial bullish trend line forming with support at $0.6800 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
- The pair is in a bullish trend and it could accelerate positive moves above the $0.70 resistance.
Ripple Price Forecast
There was a decent uptrend formed from the $0.5500 pivot level in Ripple price against the US Dollar. The XRP/USD pair traded higher and broke many resistances on the way up such as $0.6000, $0.6200 and $0.6500.
Looking at the chart, there was a close above the $0.6500 resistance and the 100 simple moving average (2-hours). The price traded as high as $0.7037 before it started a downside correction. During the decline, the price broke the $0.6500 support, but it found a strong buying interest near the $0.6350 level.
A fresh upward wave is underway, and the price broke the 50% Fib retracement level of the last drop from the $0.7037 high to $0.6348 low. The current price action is positive, and it seems like the price may soon break the $0.7000 resistance to register more gains.
An immediate resistance is near the 76.4% Fib retracement level of the last drop from the $0.7037 high to $0.6348 low. On the downside, there are many supports around the $0.6500 level. There is also a crucial bullish trend line forming with support at $0.6800 on the 2-hours chart of the XRP/USD pair.
If the price corrects lower from the current levels, it is likely to find support near the $0.6600 and $0.6500 levels. Below this, the price may perhaps move back in a bearish zone towards $0.6000.
The overall price action is positive with high chances of an upside break above the $0.7000 level.
The market data is provided by TradingView.