The price of ripple remained above the all-important support of $ 0.4310 against the US dollar. The XRP / USD is likely to cancel the resistance of $ 0.4550 and $ 0.4740 in the short term.
Key points of conversation
- The price of the ripple is positioned above $ 0.4310 and $ 0.4410 against the US dollar.
- The XRP / USD is currently testing an important contractual triangle resistance around $ 0.4515 on the 2-hour chart (data feeds via Bitstamp).
- The price of XRP remains down near support levels of $ 0.4410 and $ 0.4310.
Ripple Price Forecast
There were three failed ripple attempts to cancel the resistance of $ 0.4740 against the US dollar. The XRP / USD pair has declined recently and tested the very important support area $ 0.4310.
Looking at the chart, the corrected price has recently declined and traded below the $ 0.4500 support and the simple moving average at 100 (2 hours). However, the price found a strong buying interest still close to the $ 0.4310 level.
The declared support of $ 0.4310 is significant as it has prevented the decline on many occasions and also represents the 50% fiber retracement level of the move up from the low of $ 0.3885 to that of 0 , $ 4735.
The price has rebounded recently and has exceeded the $ 0.4450 level. However, he failed to cancel the resistance of $ 0.4550 and declined below the simple moving average at 100 (2 hours). More importantly, there is an important contractual triangle in place with resistance close to $ 0.4515 on the 2-hour chart of the XRP / USD pair.
If the pair breaks the resistance of the triangle and the 100 SMA, it could rally towards the resistance zone $ 0.4740-50. A successful break above the resistance zone of $ 0.4740 could open the door to a greater upward push towards the $ 0.5000 and $ 0.5100 levels.
The downside, if there is a downward correction, the price may fall to the $ 0.4410 support. The main support is $ 0.4310 where buyers are likely to appear again.
Overall, the price ripple remains well supported above $ 0.4310. In the short term, there may be variations in distance before buyers push the price above the resistance of $ 0.4740.
Market data is provided by TradingView.