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The price ripple remains higher above the $ 0.5000 support against the US dollar. The XRP / USD could reduce by some points before reaching $ 0.6200 and $ 0.6400.
Key takeaway
- The price of the ripple is positioned well above the support levels of $ 0.5000 and $ 0.4910.
- XRP / USD is following a rising channel with support for $ 0.5510 on the 4-hour chart.
- The XRP price could lower support levels by $ 0.5000 and $ 0.4910 before an upward move.
Price analysis of undulations
Over the past few days, there have been mostly positive movements above the $ 0.5200 level in the ripple price compared to the US dollar. The XRP / USD seems to have formed solid support near the $ 0.5200 level and is currently consolidating.
4 hours graphic indicates that the price started a slow and steady rise after trading starting at $ 0.4362. It has moved above the Fib retracement level of 23.6% of the last drop, from $ 0.7975 upwards to $ 0.4362 at the bottom.
More importantly, the price is trading well above the $ 0.5000 support and the simple moving average at 100 (4 hours). However, the chart suggests that the price is facing significant resistance near the $ 0.6250 level.
Several rejections were registered in the $ 0.6150-0.6250 zone. In addition, it coincides with the 50% fiber retracement level of the last decline, from $ 0.7975 upwards to $ 0.4362 below. Therefore, a break above $ 0.6250 will likely open the door to a larger rally to $ 0.6400 and $ 0.6800 in the coming days.
In the beginning, the XRP price is following a rising channel with support for $ 0.5510 on the same chart. In the short term, the current price action indicates a downward reaction under channel support at $ 0.5510.
However, support levels of $ 0.5000 and $ 0.4910 could be a major obstacle for sellers. As long as the price is above the pivot level of $ 0.4910, it is likely that the XRP / USD will resume.
On the upside, an initial resistance is $ 0.5800, above which the price is likely to break the resistance area by $ 0.6250. Overall, the price ripple remains on an upward trend and further gains are possible until there is a daily close below $ 0.4910.
Summary
Item name
Ripple Price analysis: potential upside potential of the XRP / USD
Description
The price ripple remains higher above the $ 0.5000 support against the US dollar. The XRP / USD could reduce by some points before reaching $ 0.6200 and $ 0.6400.
Author
LATIKA MEHROTRA
Publisher name
COINGAPE
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