Ripple holds the support levels of $0.5500 and $0.5520 against the US dollar and uptrending above the support level of $0.5000 support against USD. XRP/USD could plummet to some points before jumping to $0.6200 and $0.6400.
According to the hourly XRP/USD chart (source: Kraken), a significant breakout pattern is occurred upon resistance at $0.5820 levels.
In the short haul, for jumping higher, this pair has to hold the support levels of $0.5500 and $0.5520.
Ripple is ready for more benefits against Bitcoin and US Dollar. XRP/USD pair may keep quietly rising to the resistances of $0.5800 and $0.5900.
Price Analysis for Ripple
In the price of Ripple, there occurred a secondary correction downwards from $0.6188 against the US Dollar. XRP/USD dropped down under the support level of $0.5500 before quickly bouncing back. The price increased over the level of $0.5500 and the recovery was violent. After dropping from $0.6188 to $0.5320, the investors turned out to force the price above 50% fib retracement.
Furthermore, a close above the level of $0.5600 and 100-hourly simple moving average was experienced. The upward movement had a resistance near the level of $0.5950. The price appears to fail for clearing the 61.8% fib retracement level dropping from $0.6188 to $0.5320. Currently, there occur a significant breakout pattern with resistance at $0.5820 on the hourly XRP/USD chart. In the short haul, a secondary drop is expected to the support levels of $0.5520 and $0.5500.
Ripple remains smoothly above the support levels of $0.5000 and $0.4910.
XRP/USD keeps an upward trend with the support level of $0.5510 on the 4-hour chart.
XRP price may plummet to the support levels of $0.5000 and $0.4910 before moving upwards.
Price Analysis for Ripple
Within the last couple of days, Ripple has experienced upward movements against USD above the level of $0.5200. XRP/USD has formed a bold support near the level of $0.5200, which is consolidating at the moment.
According to the 4-hour chart, the price appears to slowly and steadily increase after the level of $0.4362. It exceeded 23.6% Fib retracement level of the last plummet from $0.7975 to $0.4362.
The price of Ripple appears to be boldly supported around the level of $0.5500. When the investors surpass the resistances at $0.5800 and $0.5900 levels, a new weekly high above $0.6200 may be seen. However, a daily close under the level of $0.5500 may evidently result in more losses to the level of $0.5000.
Considering technical indicators:
Hourly MACD – The MACD for XRP/USD moves quietly in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now holding the level of 50.
Primary Support Level – $0.5500
Primary Resistance Level – $0.5820
Furthermore, the price is trading over the support level of $0.5000 and 100 simple moving average (4-hour). On the other hand, according to the chart, the price seems to experience substantial resistance near the level of $0.6250.
Multiple rejections were seen within the zone of $0.6150-0.6250. Also, it complies with 50% Fib retracement level of the last plummeting from $0.7975 to $0.4362. Thus, any break above the level of $0.6250 will most likely tend to a more substantial increase to the levels of $0.6400 and $0.6800 for the upcoming days.
Initially, XRP follows an upward trend with $0.5510 support on this chart. In the short haul, this price movement reacts downwards below the support level of $0.5510.
On the other hand, the support levels of $0.5000 and $0.4910 will probably act boldly for sellers. Provided that the price is not under the pivot level of $0.4910 pivot level, XRP/USD will probably bounce back.
Surprisingly, there is a resistance at the level of $0.5800, and the price will probably break the resistance zone of $0.6250 thereover. At the end, Ripple keeps an upward trend, and more benefits may be seen before a daily close under $0.4910.