The price of the ripple is trading well above the $ 0.5050 support against the US dollar. The XRP / USD is likely to extend gains above the levels of $ 0.5600 and $ 0.5750 in the near term.
Key points of conversation
- The price of ripple is currently running lower from the $ swing $ 0.6200 higher against the US dollar.
- There is a declining channel in place with resistance at $ 0.5400 on the 2-hour chart of the XRP / USD pair (data flow via Bitstamp).
- The XRP price is able to break resistance levels of $ 0.5400 and $ 0.5600 to gain momentum.
Ripple Price Forecast
There were above all bullish moves above the $ 0.5050 support area in the Ripple price compared to the US dollar. The XRP / USD pair has recently traded towards the $ 0,6200 level and currently corrects the lowest level.
Looking at the chart, the price has traded up to $ 0.6199 recently and subsequently started a downward correction. It fell below the fiber retracement level of 23.6% of the last wave, from $ 0.4370 down to $ 0.6199 at the top.
Also, there was a closing below the rotation level of $ 0.5750 and the simple moving average at 100 (2 hours). The decline was such that the price tested the $ 0.5050-0.5070 support area.
However, buyers appeared near the Fib retracement level of 61.8% of the last wave from the low of $ 0.4370 to $ 0.6199 high. In the beginning, there is a declining channel with resistance at $ 0.5400 on the 2-hour chart of the XRP / USD pair.
The pair is currently attempting an interruption above the channel resistance at $ 0.5400 and the simple moving average at 100 (2 hours). If buyers manage to earn more than $ 0.5400, there may be further gains towards the $ 0.5600 level.
Above $ 0.5600, the price must break the $ 0.5750 pivot level to revisit the $ 0.6000 zone in the near term. On the other hand, if there is a downward correction, the price could find support around the $ 0.5050 level.
Overall, the ripple price is positioned well above the $ 0.5050 support. As long as buyers remain under control, there are chances for an upward drift towards the $ 0.6000 barrier in the coming days.
Market data is provided by TradingView.