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The price of the ripple formed a base close to $ 0.4300 and recovered against the US dollar. The XRP / USD is slowly and steadily increasing towards $ 0.4800 and $ 0.5000.
Key discussion points
· The price of the ripple has been recovered recently and has moved above the resistance of $ 0.4550 against the US dollar.
C & # 39; is a rising channel with support for $ 0.400 on the 2-hour chart of the XRP / USD pair (data flow via Bitstamp).
· The pair is likely to remain in an uptrend and could move towards the $ 0.5000 level.
Corruption price forecast
After a sharp drop from the resistance of $ 0.5200, Ripple's price found support above $ 0.4300 compared to the US dollar. The XRP / USD pair traded at $ 0.4306 and subsequently started an upward correction.
Looking at the chart the price traded higher and broke resistance levels of $ 0.4450, $ 0.4500 and $ 0.4550. There was also a break above the 23.6% retracement level of Fibra's last decline from $ 0.5234 high to $ 0.4306 lower.
However, the upward move was limited by the resistance of $ 0.4680 and the simple moving average to 100 (2 hours). In addition, an upward channel with current resistance at $ 0.4720 also acted as an obstacle on the 2-hour chart of the XRP / USD pair.
At present, the pair is consolidating near the $ 0.4650 level and the 100 SMA level. It could reduce current levels by some points, but disadvantages are likely to find support close to $ 0.4550. In addition, channel support at $ 0.4500 is also a major obstacle for sellers of ripples.
On the upside, a break above the channel resistance at $ 0.4720 could open the door for further gains. The next obstacle is close to the $ 0.4775 level and the 50% Fiber retracement level of the last decline from the low of $ 0.5234 to $ 0.4306 low.
A break above $ 0.4775 and $ 0.4800 could clear the path to a push towards the $ 0.5000 level. On the other hand, if the price of ripple fails to remain above channel support at $ 0.4500, it could fall to $ 0.4300.
Market data is provided by TradingView.
