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The ripple reorganized this week and broke the key resistance at $ 0.4750 and $ 0.4950 against the US dollar. The XRP / USD remains an excellent downward bid of around $ 0.5000.
Key points of conversation
- The price of the ripple was traded above the $ 0.5650 level recently before correcting the decline against the US dollar.
- XRP / USD is going to stabilize below a triangle support at $ 0.5290 on the 2-hour chart (data feed via Bitstamp).
- The XRP price will probably extend the current correction to support $ 0.5060 or $ 0.4920.
Ripple Price Forecast
This week, there was a solid bullish wave from $ 0.4600 low swing in the ripple price compared to the US dollar. The XRP / USD pair traded higher and broke resistance levels of $ 0.4750 and $ 0.4950.
Looking at the chart, the price gained momentum above the $ 0.5000 level and the simple moving average at 100 (2 hours). Buyers took control and pushed the price above the levels of $ 0.5200 and $ 0.5500. A new monthly high was formed at $ 0.5655 before the sellers appeared.
Subsequently, the price started a downward correction and traded below the $ 0.5450 level and the 23.6% Fibra retracement level of the last leg from the low of $ 0.4470 to $ 0.5655 maximum. More importantly, the price traded in a contracting triangle for a few hours and recently fell below the $ 0.5350 support.
In addition, the pair is about to settle under a triangle support at $ 0.5290 on the same chart. If there is a 2-hour closing below $ 0.4290, the price may perhaps fall further towards the $ 0.5060 support.
$ 0.5060 is a decent support as it is the 50% Fibra retracement level of the last leg from the low of $ 0.4470 to $ 0.5655 maximum. Below $ 0.5060, the next major support is close to the $ 0.4750 level, which in the past has acted as resistance on many occasions and now coincides with the simple moving average of 100 (2 hours).
Therefore, the lows compared to current levels of ripple remain well supported near the levels of $ 0.5060 or $ 0.4750. The general market sentiment is positive and buyers may regain control once the current correction is completed below $ 0.5200.
Market data is provided by TradingView.
