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.
The post Ripple Price Analysis: XRP/USD Approaching Significant Break appeared first on Ethereum World News.