The price of the ripple is positioned in a bullish zone above the $ 0.400 support compared to the US dollar. The XRP / USD may continue to move higher towards the resistance of $ 0.5950.
Key points of conversation
- The price of the ripple has reorganized recently and has stabilized 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-hour chart of the XRP / USD pair (data flow via Bitstamp).
- The XRP price is exchanged for a positive price action of over $ 0.5100 and 100 SMA (2 hours).
Ripple Price Forecast
Over the last few days, there has been a solid upward movement above the $ 0.4000 level in Ripple's price against the US dollar. The XRP / USD was traded above the $ 0.7000 level before starting a short-term correction.
Looking at the chart, the price rose to $ 0.7620 and was subsequently adjusted below the levels of $ 0.6000 and $ 0.5000. There was also a break below the $ 0.4500 level, but buyers emerged close to the $ 0.4340 level.
The price is back above the $ 0.5000 level and the 100 SMA (2 hours). Furthermore, there was a break above a key bearish trend line with resistance at $ 0.5100 on the 2-hour chart of the XRP / USD pair.
The pair also moved above the fiber retracement level of 23.6% of the last slide, from $ 0.7620 upwards to $ 0.4330 below. At the moment, the price is the repetition of the negative trend at $ 0.5200, which serves as a support.
Below $ 0.5200, the price could find support near $ 0.5050 and 100 SMA (2 hours). As long as the price is above 100 SMA (2 hours), there may be more earnings over $ 0.5550. The next major resistance is close to the $ 0.5950 level.
The area declared $ 0.5950-0.6000 is close to the Fib 50% retracement level of the last slide from $ 0.7620 high to $ 0.4350 low. The current price action is positive for the ripple above the $ 0.5000 level.
If buyers remain in stock, there may be renewed buying interest toward the $ 0,6000 short-term level.
Market data is provided by TradingView.