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- Ripple’s price traded as low as $ 0.2680 before correcting downward against the US dollar.
- The price is trading above the support of $ 0.2500 and is well above the simple moving average of 55 (4 hours).
- There is a large bullish trend line forming with support near $ 0.2500 on the 4-hour chart of the XRP / USD pair (data source from Bittrex).
- The pair could correct down towards the support at $ 0.2440 or resume its upside towards $ 0.2600.
Ripple’s price is struggling to increase pace above $ 0.2570 against the US dollar. The XRP price could correct further below, breaking the $ 0.2500 support zone.
Ripple Price Analysis
Last week, there was a strong upward movement in the ripple price from the $ 0.2400 support against the US dollar. The XRP / USD pair broke the $ 0.2500 resistance zone to move into a positive zone.
There was also a break above the $ 0.2620 resistance and the price stabilized well above the 55 simple moving average (4 hours). The pair traded as low as $ 0.2680 before correcting to the downside. It traded below the $ 0.2500 support, but the bulls were able to protect the $ 0.2440 support.
A low near $ 0.2447 formed and the price rallied above $ 0.2500. There has been a break above the 23.6% Fib retracement level of the recent drop from the swing high of $ 0.2680 to the low of $ 0.2447.
However, the price is now facing strong resistance near the $ 0.2570 level. It is close to the 50% Fib retracement level of the recent drop from the $ 0.2680 swing high to the $ 0.2447 swing low. The next big resistance is near the $ 0.2595 and $ 0.2600 levels.
A clear break above the $ 0.2570 and $ 0.2600 resistance levels could send the ripple price back towards the $ 0.2680 level. Any further gains could drive the price towards the $ 0.2720 level.
On the downside, there is a large bullish trend line forming with support near $ 0.2500 on the 4-hour chart of the XRP / USD pair. A break below the trendline support could push the pair towards the main support of $ 0.2440 and the simple moving average 55 (4 hours).
Ripple price
Looking at the chart, the ripple price is clearly trading above the $ 0.2500 support and is well above the 55 simple moving average (4 hours). Overall, the price could correct down towards the $ 0.2440 support or resume its upside towards $ 0.2600.
Technical indicators
4-Hour MACD – The MACD for XRP / USD is slowly moving into the bearish zone.
4-Hour RSI (Relative Strength Index) – The RSI for XRP / USD is now flat just above the 50 level.
Key Support Levels: $ 0.2500, $ 0.2450, and $ 0.2440.
Key resistance levels: $ 0.2570 and $ 0.2600.
