• Ripple price recently corrected lower from the $0.5650 resistance against the US Dollar.
• There is a short-term rising channel forming with resistance near $0.500 on the 4-hour chart of the XRP/USD pair.
• The price must stay above the $0.4820 support to start a fresh increase.
Ripple Price Analysis
Ripple price started a downside correction from the $0.5650 zone against the US dollar after seeing strong gains in recent weeks and trading well above $0.520. The price is now trading below $0.500 and there is a short-term rising channel forming with resistance near $0.500 on the 4-hour chart of the XRP/USD pair (data source from Kraken). For Ripple to start a fresh increase, it must stay above the key support at $0.4820 level for it to move higher over time towards its target of breaking out above $0.510 resistance level in order to reach its next goal of surpassing the current swing high at around $0.5650 mark in value against USDT pairing.
Key Resistance and Support Levels
On the upside, if Ripple starts increasing, it will face resistance at around $ 0 . 500 and then again at 50% Fib retracement level of downward move from swing high ($ 0 . 5650) to low ($ 0 . 4550) which is located near at around $ 0 . 510 level respectively.
While on other hand, if Ripple starts declining; then it would find major support levels near at around current trading area holding between two levels mentioned here as key supports i . e . first one located near around important psychological mark holding at around$ 0 . 4800 while second one could be found near another important psychological mark that holds near around$ 0 . 4750.
Indicators Suggesting Upward Movement
Accordingly; looking at technical indicators on 4 hour chart; MACD is currently in bullish mode which suggests further upward movement can be expected anytime soon followed by increasing volume activity which also adds favoritism towards bulls for upcoming trend movements.
Summing up all discussed points; we can conclude that; currently ripple still holds some chance of going back up as long as it maintains itself above key support levels mentioned here and starts moving up sustainably enough so that buying pressure increases during uptrends along with increasing volume activity.
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