• Ripple price is facing resistance near the $0.465 level against the US dollar.
• There is a key rising channel forming with resistance near $0.4650 on the 4-hours chart of the XRP/USD pair.
• The pair could start a major increase above the $0.4800 resistance if it stays above the $0.4200 support.
Ripple Price Analysis
The Ripple price is currently facing resistance near the $0.465 mark against the US Dollar and there is a key rising channel forming with resistance near $0.4650 on the 4-hours chart of the XRP/USD pair (data source from Kraken). If the pair manages to stay above the $0.4200 support, it could start a major increase above the $0.4800 resistance level.
Resistance at $ 0.465
After attempting an upside break above the $0.4920 resistance, Ripple price started a downside correction against the US Dollar and declined below the $0.4500 mark but stayed above its 55 simple moving average (4-hours). The bears pushed down further below and tested its 61.8% Fib retracement level of its upward move from swing low to high ($ 0.3720 to 04926). Currently, XRP is trading above its immediate support at around $ 04440 and has found some buying interest around this area so far, hence making it more likely that any further bearish move would be limited in nature for now..
Bullish Breakout Possibility
On the upside, there are multiple resistances ranging from $ 04650 to 4800 which should be watched closely by traders as if these levels are breached then we can expect a strong bullish breakout which may take Ripple’s prices towards stabilization or even higher highs in days ahead.. Also, both MACD and RSI indicators have turned bullish which further strengthens our view that higher highs are on their way for XRP/USD bulls shortly..
Key Support Levels
The key support levels for XRP/USD include:
•$0 440 – Immediate Support Level •$ 0 420 – Key Support Level •$ 0 400 – Strong Support Level
Key Resistance Levels
The key resistance levels for XRP/USD include:
•$ 0 4650 – Immediate Resistance Level •$ 0 480 – Key Resistance Level