Ripple Price Analysis: XRP/USD Hesitates, But More Gains Likely
Ripple price is holding the $0.5200 and $0.5050 support levels well very against the US Dollar. XRP/USD may perhaps move past the $0.5640 barrier for more gains.
Key Talking Points
Ripple price is struggling to move above the $0.5600 and $0.5640 resistance levels against the US Dollar.
There is a short-term contracting triangle forming with support at $0.5400 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
The pair may soon make the next move either above $0.5600 or below $0.5400.
Ripple Price Forecast
There was a decent support base formed above $0.5050 in Ripple price against the US Dollar. The XRP/USD pair also formed an intermediate swing support at $0.5200, which is acting as a key buy zone.
Looking at the chart, the recently made an attempt to surpass the $0.5620 resistance zone, but it failed. It also failed to move above the 61.8% Fib retracement level of the last decline from the $0.6026 high to $0.5037 low.
However, the price is well supported above the $0.5300 and $0.5200 levels, and the 100 simple moving average (2-hours). At the moment, there is a short-term contracting triangle forming with support at $0.5400 on the 2-hours chart of the XRP/USD pair.
The pair may soon make the next move either above $0.5600 or below $0.5400. On the upside, a proper close above $0.5600 and $0.5620 is needed for more gains. The next resistance is near the 76.4% Fib retracement level of the last decline from the $0.6026 high to $0.5037 low at $0.5800.
Above $0.5800, the price could test the $0.6000 level. On the downside, a break below the $0.5400 zone will most likely push the price back towards $0.5200, below which, XRP price could retest the $0.5050 support area.
Overall, ripple price is ranging above the $0.5200 support area and is preparing for the next move. The chances are high of an upward move above $0.5600 considering the current price action.