Ripple price gained a lot of traction and moved above $0.50 against the US Dollar. XRP/USD remains buy on dips and eyes further upsides.
Key Talking Points
Ripple price broke a major resistance at $0.3400 for a major upside ride against the US Dollar.
The XRP/USD pair broke a major connecting trend line with resistance at $0.3400 on the 4-hours chart (Data feed via Bittrex).
The pair traded as high as $0.5270 recently and is currently correcting lower.
Ripple Price Forecast
It was a great day for Ripple price as it managed to move above $0.50 against the US Dollar. The XRP/USD pair was able to break a few important resistance levels such as $0.3400 and $0.4000 to trade above the $0.5000 level.
A new all-time high was formed at $0.5270 from where the price started a minor downside correction. It has moved below the $0.4800 level and the next immediate support is around the 23.6% Fib retracement level of the last wave from the $0.1850 low to $0.5270 high.
It is important to note that during the upside move, the XRP/USD pair broke a major connecting trend line with resistance at $0.3400 on the 4-hours chart. The same trend line might act as a support if the pair moves down below $0.4000 in the near term. It also represents the 50% Fib retracement level of the last wave from the $0.1850 low to $0.5270 high.
However, the chances are very less that the pair would move below $0.4000 in the short term. It will most likely resume its uptrend and moved above the $0.5000 level once again.
Should the mentioned $0.5000, the price could spike above the recent high of $0.5270. Above the stated $0.5270, the next major target for buyers could be $0.6000 and $0.6200.
On the downside, the most important supports are $0.4400 and $0.4000. The overall price action is positive above the $0.4000 handle, and XRP may soon resume its uptrend above the $0.5000 level.