• Ripple price started a downside correction from the $0.5450 zone against the US dollar.
• There is a key bearish trend line forming with resistance near $0.530 on the 4-hours chart of the XRP/USD pair.
• Ripple price must stay above the $0.4850 support to remain in a bullish zone.
Ripple Price Analysis
Ripple price started a downside correction from the $0.5450 against the US dollar and there is currently a key bearish trend line forming with resistance near $0.530 on its 4-hours chart of the XRP/USD pair, indicating that it must stay above the $0.4850 support to remain in a bullishe zone.
On its upside, Ripple’s price is facing resistance near $0.520 or 76.4% Fib retracement level of its downward move from high of $0.5411 to low of 0$.4752, with next major resistance being at around $0.540 level and any more gains could send it towards $0.5800 resistance level . On its downside, initial support is at aroundf$ 0$.5010 and next major support is at around 0$.485 level which if breached can lead to further decrease towards even 0$.4750 and potentially below that to 0$.4500 mark as well .
Trend Line Formation
There was a steady increase in Ripple’s price which led it above$ 0$.500 and also climbing up towards$ 0$.532 resistance where high was formed near$ 0$.5411 after which correction lower took place below both levels of$ 0$.520 and$ 0%.500 which tested for support at around$ 0%.4752 before currently rising again . There was breakage above 50% Fib retracement level of its downward move from high of$ 0%. 5411 swing high to low of$ 0%.4752 along with formation of key bearish trend line forming with resistance near$ o%. 530 on 4-hour chart .
Moving Average Chart
Currently Ripple’s price is trading below levels of$ o%. 52 and 55 simple moving average (4 hours) which is indicative that any clear move above levels offo %_540 might start strong increase followed by surpassing offo % 550 .
Looking at overall chart , it can be concluded that Ripple’s price must stay above levels offo %_485 in order to remain in bullish zone while any clear move above levels offo %_530 might start strong rally increasing chances fo surpassing even fo % 560 mark .