XRP Price Prediction – Will Recent Correction Trend Push XRP Under $0.50?

Ripple’s token price is holding gains above $0.50 against the US Dollar. XRP price could take a hit if it fails to recover above $0.512.

• Ripple’s token price is attempting a fresh increase above $0.508 and $0.512 against the US dollar.
• The price is now trading above $0.500 and the 100 simple moving average (4 hours).
• There is a major contracting triangle forming with resistance near $0.505 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
• The pair might gain bullish momentum if there is a close above $0.512.

In the last XRP price prediction, we discussed the chances of more gains in Ripple’s XRP against the US Dollar. The price did climb above the $0.515 resistance level, but upsides were limited, like Bitcoin and Ethereum.

The price struggled to clear the $0.525 resistance. A high was formed near $0.5254 and the price saw a downside correction. There was a move below $0.512 and a spike below $0.50. A low is formed near $0.4907 and the price is now consolidating.

It is back above the 23.6% Fib retracement level of the recent decline from the $0.5254 swing high to the $0.4907 low. XRP price is also trading above $0.500 and the 100 simple moving average (4 hours).

On the upside, immediate resistance is near the $0.508 level. Besides, there is a major contracting triangle forming with resistance near $0.505 on the 4-hour chart of the XRP/USD pair. The triangle resistance coincides with the 50% Fib retracement level of the recent decline from the $0.5254 swing high to the $0.4907 low.

Source: XRPUSD on TradingView.com

The next major resistance is near the $0.5120 level. A close above the $0.512 level could send the price toward the $0.525 barrier. A successful break above the $0.525 resistance level might start a strong rally toward the $0.555 resistance. Any more gains might call for a test of the $0.580 resistance.

If ripple fails to clear the $0.512 resistance zone, it could start another decline. Initial support on the downside is near the $0.50 zone and the 100 simple moving average (4 hours).

The next major support is at $0.490. If there is a downside break and a close below the $0.490 level, XRP’s price could extend losses. In the stated case, the price could retest the $0.460 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now losing pace in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.500, $0.490, and $0.460.

Major Resistance Levels – $0.508, $0.512, and $0.525.