Ripple Price Analysis: Dips Likely Supported Near $0.50

Ripple price is trading in a positive zone above $0.5000 against the US Dollar. XRP price is correcting gains, but the bulls are likely to remain active above $0.5000.

Ripple Price Analysis

After an upside break above the $0.5000 resistance, ripple price started a steady increase against the US Dollar. The XRP/USD pair broke a few many hurdles near $0.5500 and settled well above the 55 simple moving average (4-hours).

The price even cleared the $0.6000 level and traded as high as $0.6440. Recently, there was a downside correction below the $0.6200 and $0.6000 support levels. The price traded below the 23.6% Fib retracement level of the upward move from the $0.3938 swing low to $0.6440 high.

XRP spiked below the $0.5500 support level, but it found support near the 55 simple moving average (4-hours). The 50% Fib retracement level of the upward move from the $0.3938 swing low to $0.6440 high also provided support.

Moreover, there is a key bullish trend line forming with support near $0.5400 on the 4-hours chart of the XRP/USD pair. If there is a downside break below the trend line support, the pair could correct lower towards the $0.5000 support level.

Any more losses below the $0.5000 support and the 55 simple moving average (4-hours) might call for a bearish wave towards $0.3500. Conversely, the price could start a fresh increase above the $0.5650 and $0.5750 levels.

The first major resistance is near the $0.5800 level. A clear break above the $0.5800 resistance may possibly start a fresh increase above the $0.6000 level.

Ripple Price

Looking at the chart, ripple price is clearly trading well above the $0.5000 pivot level and the 55 simple moving average (4-hours). Overall, the price is likely to remain well bid above the $0.5200 and $0.5000 support levels.

Technical indicators

4 hours MACD – The MACD for XRP/USD is slowly gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now just below the 50 level.

Key Support Levels – $0.5400, $0.5200 and $0.5000.

Key Resistance Levels – $0.5800 and $0.6000.

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