Ripple Price Analysis: Can XRP/USD Bounce Back?
Ripple price is trading in a bullish zone above the $0.4800 support against the US Dollar. XRP/USD could bounce back if it continues to stay above $0.4800-0.4900.
Key Talking Points
- Ripple price started a downward correction after forming a high above $0.5200 against the US Dollar.
- There is a major bullish trend line in place with support at $0.4880 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
- A break below the trend line and the $0.4800 support may increase pressure on buyers.
Ripple Price Forecast
There were decent gains during the past few days in Ripple price above the $0.4500 level against the US Dollar. The XRP/USD pair jumped above the $0.5000 resistance and traded close to $0.5200.
Looking at the chart, the price formed a high at $0.5202 and started a downward correction. It declined below the $0.5000 support and the 23.6% Fib retracement level of the last wave from the $0.4230 swing low to $0.5202 high.
However, the decline was stopped near a major bullish trend line with current support at $0.4880 on the 2-hours chart of the XRP/USD pair. Moreover, the 50% Fib retracement level of the last wave from the $0.4230 swing low to $0.5202 high also played its part well.
At the moment, it seems like the price is trading nicely above the $0.4800 support, but it is struggling to stay above the trend line. Should there be a downside break, the price may test the $0.4800 and $0.4740 support levels.
Any further declines below $0.4700 may perhaps push the price back in a bearish zone. On the other hand, if the trend line support at $0.4880 holds, the price could bounce back above $0.5000.
The most important resistance is near $0.5200, above which, the price will most likely accelerate gains above the $0.5500 level in the near term.
Overall, ripple price is placed nicely in an uptrend as long as XRP is above the $0.4800 level.
The market data is provided by TradingView.