For the past couple of days, ripple was safely located within a growing price channel. On Friday, by hitting the support level at $0.5750 in the bottom of the channel, it managed to bounce back and form a new upward trend. On its way, XRP price went all the way up to $0.62, yet by hitting a resistance at that price, a price correction had to happen. And so the XRP price had to reduce to $0.60. Despite the attempt, Ripple failed to move above the price channel yesterday, and as for today, it had to fall down to $0.5960. In this zone, once again by hitting the support level in the bottom, XRP price managed to pivot upward and at the time of writing this article the price stands at $0.605.
Taking a look at the 1-hour chart, we can see that the price is still moving inside a channel. Yesterday, XRP price finally reached $0.62, yet by facing resistance at that zone, it had to suffer a price correction. Following that, today ripple fell back down to $0.5970 which is close to the 50% Fibonacci retracement (from the latest growth). However, by hitting the bottom of the channel, the price was once again supported. right now it is bound inside a triangle.
We can expect XRP price to continue with the bullish trend if it can break through $0.605 at the top of the triangle. In that scenario, the first resistance level will be at $0.61, followed by $0.615 and then $0.62. If XRP surpasses all the previous resistance levels, the next one will be $0.63 on top of the price channel.
On the other hand, if XRP fails to move beyond the $0.605 to $0.61 zone, there will be a chance for further price correction. In that case, the first support will be $0.597, closely located near the bottom of the channel as well as the 50% Fibonacci retracement. However, further decline is to be expected by losing this support and going beneath the price channel.
For the bearish scenario, the $0.59 and then $0.585 near the SMA100 will be the crucial support levels. Following that, the $0.58 to $0.5750 zone will support the XRP price.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator is on a downward momentum.
RSI: the relative strength index is approximately 50.
Resistance levels: XPR`s first resistance level is at $0.6050. And next $0.61. Then, the $0.6150 to $0.62 zone and finally, the $0.63 coming next.
Support levels: the first support level is at $0.5970, then the $0.5920 to $0.59 zone. Then the $0.5850 and $0.58 will follow.
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