Ripple Price Analysis: XRP/USD Primed for More Upsides
Ripple price is trading nicely above the $0.5050 support against the US Dollar. XRP/USD is likely to extend gains above the $0.5600 and $0.5750 levels in the near term.
Key Talking Points
Ripple price is currently correcting lower from the $0.6200 swing high against the US Dollar.
There is a declining channel in place with resistance at $0.5400 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
XRP price is likely to break the $0.5400 and $0.5600 resistance levels to gain momentum.
Ripple Price Forecast
There were mostly bullish moves above the $0.5050 support area in Ripple price against the US Dollar. The XRP/USD pair recently traded towards the $0.6200 level and is currently correcting lower.
Looking at the chart, the price traded as high as $0.6199 recently and later started a downside correction. It declined below the 23.6% Fib retracement level of the last wave from the $0.4370 low to $0.6199 high.
Moreover, there was a close below the $0.5750 pivot level and the 100 simple moving average (2-hours). The decline was such that the price tested the $0.5050-0.5070 support area.
However, buyers appeared near the 61.8% Fib retracement level of the last wave from the $0.4370 low to $0.6199 high. At the outset, there is a declining channel in place with resistance at $0.5400 on the 2-hours chart of the XRP/USD pair.
The pair is currently attempting a break above the channel resistance at $0.5400 and the 100 simple moving average (2-hours). If buyers succeed in gaining momentum above $0.5400, there could be more gains towards the $0.5600 level.
Above $0.5600, the price has to break the $0.5750 pivot level to revisit the $0.6000 zone in the near term. On the other hand, if there is a downside correction, the price may well find support around the $0.5050 level.
Overall, ripple price is positioned nicely above the $0.5050 support. As long as buyers remain in check, there are chances of an upward drift towards the $0.6000 barrier in the coming days.