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The price of the ripple has recently tested the resistance of $ 0.4735 and corrected with respect to the US dollar. XRP / USD is currently testing the previous resistance at $ 0.4490-0.4500.
Key points of conversation
- The price of the ripple was recently rejected by the resistance of the range at $ 0.4735 against the US dollar.
- There was a break above an important bearish trend line with resistance at $ 0.4525 on the 2-hour chart of the XRP / USD pair (data flow via Bitstamp).
- The XRP price remains supported on drops close to the levels of $ 0.4490 and $ 0.4480.
Ripple Price Forecast
There was a solid upward movement in ripples above the $ 0.4500 level against the US dollar. The XRP / USD pair traded near the $ 0.4750 level and subsequently started a downward correction.
Looking at the chart, the price corrected and tested the $ 0.4340 area in which the buyers emerged. Represents the 50% fiber retracement level of the last big upward movement from the low of $ 0.3881 to $ 0.4739.
Later, the price rebounded and broke the resistance of $ 0.4580. Furthermore, there was a break above an important bearish trend line with resistance at $ 0.4525 on the 2-hour chart of the XRP / USD pair.
The pair repeated the score of $ 0.4735 swing, which again acted as a strong resistance. Thereafter, there was another downward correction and the price moved below the $ 0.4580 level and the simple moving average to 100 (2 hours).
However, the broken trend line is currently serving as support near the $ 0.4490 level. If buyers can not keep the price above the support levels $ 0.4490 and $ 0.4480, there may be a new $ 0.4340 support test.
On the other hand, if the price rebounds, it could exceed the resistance levels of $ 0.4580 and $ 0.4600. The most important upward resistance is at $ 0.4735, above which the price can go up to $ 0.5000.
Overall, the price of ripple is positioned well above the support levels of $ 0.4480 and $ 0.4490. Therefore, there is a high probability of a new rise above the levels of $ 0.4550 and $ 0.4580 in the near future.
Market data is provided by TradingView.
