• Ripple price started a downside correction from the $0.4700 zone against the US dollar.
• The pair could start a fresh increase above the $0.4700 resistance with initial support near the $0.451 level.
• Any more gains might send the price toward the $0.525 resistance and any more losses could lead to test $0.400.
Ripple Price Analysis
Ripple price started a downside correction from the $0.4700 zone against the US dollar, but is now trading above $0.44 and the 55 simple moving average (4 hours). There was a break above a key contracting triangle with resistance near $0.430 on the 4-hour chart of the XRP/USD pair (data source from Kraken). The pair could start a fresh increase above the $0.4700 resistance if it stays above the $0.440 support level and remains in a bullish zone.
On the upside, Ripple’s price is facing resistance near around $0.470, with next major resistance at around $0.4750 level which may start strong increase if broken through this barrier successfully.. Any further gains may propel its price towards its next target of around at$ 0 .525 resistance level .
Initial support on downside is currently located near around at$ 0 .451level , followed by another major support at around$ 0 .4400level . Any further drops may drag itsprice towards its next target ofaround$ 0 .42 level , below that there is possibilitythat it’sprice may test even lower than$ 0 .400 levels too .
Moving Averages & Indicators
Looking at chart, Ripple’s price is currently trading abovethe 55 simple moving average (4 hours) and MACD for XRP/USDis gaining momentum in bearish zone whereas RSI forXRP/USD is near 50 levels .
Overall, Ripple’s price could potentially start afresh increaseabovethe$ 0 .470resistanceif it staysabovethe$ 0 44supporttoremaininabullishzone and thus break out of this current consolidation phase soon ..