Ripple Price Analysis: XRP/USD Rally Could Extend To $0.5310
Ripple price is placed nicely above the $0.4560 and $0.4320 supports against the US Dollar. XRP/USD is likely to accelerate gains above the $0.4900 resistance zone.
Key Talking Points
Ripple price gained traction and moved above the $0.4320 resistance against the US Dollar.
There is an ascending channel in place with support at $0.4650 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
XRP price may continue to rise towards the $0.4950, $0.5000 or $0.5310 resistance levels.
Ripple Price Forecast
During the past few days, there was a slow and steady rise from the $0.3900 swing low in Ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.4300 and $0.4500 resistance levels.
Looking at the chart, the price climbed higher and settled above the $0.4320 resistance levels. There was also a close above the $0.4500 level and the 100 simple moving average (2-hours).
During the rise, the price broke the 61.8% Fib retracement level of the last major drop from the $0.5006 high to $0.3714 low. The current price action is very positive, indicating more gains above the $0.4750 and $0.4800 levels.
The next key resistance on the upside could be the last swing high at $0.5006. If there is a break above this, the price could move towards the $0.5310 level, which is close to the 1.236 Fib extension level of the last major drop from the $0.5006 high to $0.3714 low.
At the outset, there is an ascending channel in place with support at $0.4650 on the 2-hours chart of the XRP/USD pair. The pair could decline a few points, but it remains well supported near the $0.4560 level.
Moreover, the most important support for ripple buyers is near the $0.4320 level and the 100 simple moving average (2-hours). As long as XRP/USD is trading above the $0.4320 support, it is likely to climb higher towards the $0.4800 and $0.5000 levels. The main target for buyers could be $0.5310.