Ripple price climbed higher recently and settled above $0.4800 against the US Dollar. XRP/USD is now placed in a nice uptrend with hurdles near $0.5050 and $0.5230.
Key Talking Points
- Ripple price recently declined from the monthly high of $0.5232 against the US Dollar.
- There are two bullish trend lines in place with supports at $0.4830 and $0.4660 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
- The pair remains well supported above $0.4800 and it is likely to move back above $0.5050.
Ripple Price Forecast
The past few days were excellent for Ripple price as it climbed above a few key resistances against the US Dollar. The XRP/USD pair surged above the $0.4500, $0.4800 and $0.5050 resistance levels.
Looking at the chart, the price traded as high as $0.5232 before it faced a strong hurdle. Later, the price started a downside correction and dipped below the $0.5050 support.
It also broke the 50% Fib retracement level of the last wave from the $0.4432 low to $0.5232 high. However, losses were protected by a key support near $0.4750-0.4800. There are also two bullish trend lines in place with supports at $0.4830 and $0.4660 on the 2-hours chart of the XRP/USD pair.
The 61.8% Fib retracement level of the last wave from the $0.4432 low to $0.5232 high also acted as a strong support. The price is currently moving back higher and it is likely to break the $0.5000 resistance.
Above this, the next major resistance is near $0.5050, above which, the price will most likely climb further higher towards the $0.5220 level.
On the flip side, if the price breaks the $0.4800 support, it could decline towards the second trend line and the 100 simple moving average (2-hours).
However, in the second scenario, it would be hard for ripple buyers to take control. The overall price action is positive as long as ripple price is above the $0.4800 support area. Resistances are seen near $0.5050 and $0.5230.
The market data is provided by TradingView.
