Ripple started a downside correction below $0.6500 against the US Dollar. XRP price is likely preparing for the next major move, similar to bitcoin and ETH.
- Ripple corrected lower, but it remained stable above $0.6000 against the US dollar.
- The price is struggling to clear $0.6500, but it is well above the 100 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance at $0.6340 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to surge above $0.6500 and $0.6800 as long as it is above the $0.5500 support.
Ripple’s XRP Price is Holding Key Supports
After trading as low as $0.4566, ripple’s XRP price started a fresh increase above $0.5500. Bitcoin price climbed back above $19,000 and ETH broke the $600 resistance.
XRP is now struggling to clear the $0.6350 and $0.6500 resistance levels. The last swing high was formed near $0.6896 before the price declined below $0.6000. It tested the 50% Fib retracement level of the upward move from the $0.4566 low to $0.6896 high. The price remained well bid above $0.5750 and it recovered higher. It is now trading well above the $0.6000 support and the 100 simple moving average (4-hours).
Source:More importantly, there is a major contracting triangle forming with resistance at $0.6340 on the 4-hours chart of the XRP/USD pair. The triangle support is close to the 61.8% Fib retracement level of the upward move from the $0.4566 low to $0.6896 high. If there is an upside break above the triangle resistance, the price could attempt to clear the $0.6500 resistance level. A successful close above the $0.6500 resistance could lift the price towards the $0.7000 resistance level in the next 3-4 days.