Ripple price formed a base near $0.4300 and recovered against the US Dollar. XRP/USD is slowly and steadily rising towards the $0.4800 and $0.5000 levels.
Key Talking Points
· Ripple price recovered recently and moved above the $0.4550 resistance against the US Dollar.
· There is an ascending channel in place with support at $0.4500 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
· The pair is likely to remain in an uptrend and it could move towards the $0.5000 level.
Ripple Price Forecast
After a major decline from the $0.5200 resistance, Ripple price found support above the $0.4300 level against the US Dollar. The XRP/USD pair traded as low as $0.4306 and later started an upward correction.
Looking at the chart, the price traded higher and broke the $0.4450, $0.4500 and $0.4550 resistance levels. There was also a break above the 23.6% Fib retracement level of the last decline from the $0.5234 high to $0.4306 low.
However, the upside move was capped by the $0.4680 resistance and the 100 simple moving average (2-hours). Moreover, an ascending channel with current resistance at $0.4720 also acted as a hurdle on the 2-hours chart of the XRP/USD pair.
At the moment, the pair is consolidating near the $0.4650 level and the 100 SMA. It may dip a few points from the current levels, but downsides are likely to find support near $0.4550. Moreover, the channel support at $0.4500 is also a strong barrier for ripple sellers.
On the upside, a break above the channel resistance at $0.4720 could open the doors for more gains. The next hurdle awaits near the $0.4775 level and the 50% Fib retracement level of the last decline from the $0.5234 high to $0.4306 low.
A break above $0.4775 and $0.4800 may possibly clear the path for a push towards the $0.5000 level. On the other hand, if ripple price fails to stay above the channel support at $0.4500, it might decline back towards $0.4300.
The market data is provided by TradingView.
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