Ripple price formed a low around the $0.4400 level and recovered against the US Dollar. XRP/USD is now approaching a crucial break with resistance near $0.4700.
Key Talking Points
- Ripple price remains in a bearish trend with resistances near $0.4700 and $0.5000 against the US Dollar.
- There is a major breakout pattern forming with resistance near $0.4700 and support at $0.4500 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
- The pair may perhaps make the next move above $0.4700 to test the $0.5000 resistance.
Ripple Price Forecast
After trading below the $0.4500 level, Ripple price found support near $0.4400 against the US Dollar. The XRP/USD pair started an upward recovery and moved above the $0.4800 resistance level.
Looking at the chart, it seems like the price faced a strong resistance near $0.4950-0.5000. The price was rejected, resulting in a bearish reaction below the $0.4600 level. A low was formed at $0.4479 and the price is currently moving higher.
It tested the 50% Fib retracement level of the last decline from the $0.4953 high to $0.4479 low. Upsides were capped by the $0.4720 zone and a bearish trend line with current resistance near $0.4700 on the 2-hours chart of the XRP/USD pair.
The pair is moving down once again towards the $0.4500 support. At the moment, it seems like there is a major breakout pattern forming with resistance near $0.4700 and support at $0.4500 on the same chart.
Should the price manage to surpass the $0.4700 resistance, there could be an upside drift towards the $0.5000 resistance. An intermediate resistance is near the 76.4% Fib retracement level of the last decline from the $0.4953 high to $0.4479 low at $0.4840.
On the flip side, a downside break below the $0.4500 support may put a lot of pressure on ripple buyers. In the mentioned scenario, the price may revisit the $0.4400 low.
Overall, ripple price seems to be approaching a significant break with chances of an upside move above $0.4700 in the near term.
The market data is provided by TradingView.
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