Ripple price is positioned in a bullish zone above the $0.4600 support against the US Dollar. XRP/USD could continue to move higher towards the $0.5950 resistance.
Key Talking Points
- Ripple price rallied recently and settled above the $0.5050 support against the US Dollar.
- There was a break above a key bearish trend line with resistance at $0.5100 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
- XRP price is trading with a positive price action above $0.5100 and the 100 SMA (2-hours).
Ripple Price Forecast
During the past few days, there was a solid upward move above the $0.4000 level in Ripple price against the US Dollar. The XRP/USD pair traded above the $0.7000 level before starting a short-term correction.
Looking at the chart, the price formed a high at $0.7620 and later corrected below the $0.6000 and $0.5000 levels. There was also a break below the $0.4500 level, but buyers emerged near the $0.4340 level.
The price bounced back above the $0.5000 level and the 100 SMA (2-hours). Moreover, there was a break above a key bearish trend line with resistance at $0.5100 on the 2-hours chart of the XRP/USD pair.
The pair also moved above the 23.6% Fib retracement level of the last slide from the $0.7620 high to $0.4300 low. At the moment, the price is retesting the broken trend at $0.5200, which is acting as a support.
Below $0.5200, the price may well find support near $0.5050 and the 100 SMA (2-hours). As long as the price is above the 100 SMA (2-hours), there could be more gains above $0.5550. The next major resistance is near the $0.5950 level.
The stated $0.5950-0.6000 zone is near the 50% Fib retracement level of the last slide from the $0.7620 high to $0.4300 low. The current price action is positive for ripple above the $0.5000 level.
If buyers remain in action, there could be renewed buying interest towards the $0.6000 level in the near term.
The market data is provided by TradingView.