Ripple Price Analysis: Dips in XRP/USD Remains Attractive To Bulls

Ripple corrected lower sharply from the $0.4790 level and traded towards the $0.3500 level. XRP to USD is currently trading above key supports and it could climb above the $0.4050 and $0.4180.

Key Takeaways: XRP/USD

• Ripple price is showing positive signs above the $0.3800 and $0.3610 support levels against the US Dollar.
• XRP/USD is currently trading below the key $0.4100 resistance and a bearish trend line on the 2-hours chart (data feed from Bitstamp).
• Bitcoin price is consolidating below the $8,000 level and Ethereum price is holding the $245.00 support.

Ripple Price Analysis

This past week, bitcoin price climbed higher sharply above $8,000, helping ripple price above the $0.3500 and $0.3800 resistance levels. XRP even surged above the $0.4200 and traded close to the $0.4800 level. A swing high was formed at $0.4797 and recently corrected lower sharply.

Looking at the 2-hours chart, ripple price declined below the $0.4200 and $0.4000 support levels. There was even a break below the $0.3800 support and the 50 simple moving average (2-hours, purple).

The price traded as low as $0.3574 and recently started a fresh increase. It climbed above the $0.3800 level and the 23.6% Fib retracement level of the drop from $0.4797 to $0.3574. The price even climbed above the $0.4100 level and the 50 simple moving average (2-hours, purple).

However, the recent upward move was capped by the $0.4200 level and the 50% Fib retracement level of the drop from $0.4797 to $0.3574. Ripple is currently trading below the key $0.4100 resistance and a bearish trend line on the same chart.

If there is an upside break above the $0.4000 and $0.4100 resistance levels, there are chances of a fresh increase above the $0.4200 and $0.4300 resistance levels. The next key resistance is close to the $0.4400 and $0.4500 levels.

On the downside, an initial support is near the $0.3860 level and the 50 simple moving average (2-hours, purple). If there is downside break below the $0.3850 and $0.3800 support levels, XRP could decline heavily towards the $0.3550 support zone.

Overall, ripple price is trading positively above $0.3800 and it is likely to climb above $0.4100 and $0.4200 in the near term.