Ripple, is trading at 0.5500 USD unchanged and down by 1.2 percent since the day began ultimately declining until the digital currency got close to 0.5000 USD were it found support against the USD. Ripple’s price also traded as low as the 0.5035 USD level just days before buyers appeared which resulted in an upside move in costs. Ripple’s XRP token prices continued to climb higher and eventually moved above the 0.5200 USD resistance levels. You will also find that there was a break beyond the 38.2 percent Fibonacci retracement level via the last downward shift from the 0.6000 USD swing high to the 0.5035 USD low which is a positive indicator.
Ripple’s upside shift was a decent one as it’s price succeeded in going above the 0.5400 USD resistance level. Gains were further attained, and prices eventually moved above the 0.5500 USD level. Later, buyers managed to push the price of the crypto token above the 50 percent Fibonacci retracement level from the last slide from the 0.6000 percent swing high to the 0.5035 USD low. At the moment, Ripple’s price is attempting to close above 0.5600 USD and the 100-hour simple moving average. Note that an ascending channel has started forming with support at 0.5400 USD on the 50-hour chart of the Ripple/USD pair. Hence as long as prices keep following this channel, it could shift further higher beyond the 0.5800 USD support in the near term.
Ripple’s Technical Analysis
Despite achieving a recovery from recent lows in prices, the XRP/USD pair stays below the 0.5600 USD level, which is the 78.6 percent Fibonacci retracement level. When it is cleared, the topside may be extended near the ultimate bullish target of 0.6000 USD. On the downside, movement below 0.5420 USD on the 100-SMA hourly chart will likely trigger further sell-off to recent lows at 0.5050 USD. Looking at the XRP/USD pair via the chart, the current price shift is positive above the 0.5400 USD mark. A break beyond the 0.5800 USD resistance may clear the way for a push over 0.6000 USD.