Ripple Price Forecast: XRP/USD Uptrend Intact

Ripple price started a fresh upward move and moved above the $0.6000 resistance against the US Dollar. XRP to USD is currently correcting lower, but it remains in an uptrend above $0.6000.

The past few days were mostly positive as ripple price managed to form a support base near the $0.5420 level. The price started a solid upside move and settled above the $0.6000 pivot level, which is a positive sign.

Ripple Price Analysis:

• Ripple price is currently positioned nicely above the $0.6000-0.6100 zone against the US Dollar.
• There was a break above a key declining channel with resistance at $0.6020 on the 4-hours chart of XRP/USD.
• The pair is currently correcting lower and is testing the previous resistance turned support at $0.6200.

Looking at the chart below, XRP/USD broke a few important barriers above $0.6000 and settled above the 55 simple moving average (orange, 4-hour) and the 100 SMA (green).

The price traded above the $0.7000 level and formed a new monthly high near $0.7046. Later, it faced selling pressure and started a downside correction. XRP price declined and broke the 23.6% Fib retracement level of the last wave from the $0.5428 high to $0.7046 low.

However, the price is currently trading near a major support area at $0.6200-0.6400, which was a resistance earlier. Moreover, the 55 simple moving average (orange, 4-hour) and the 100 SMA (green) are also around the $0.6200 support area.

Lastly, the 50% Fib retracement level of the last wave from the $0.5428 high to $0.7046 low is at $0.6230. Therefore, there are high chances that ripple price could bounce back from the $0.6200-0.6400 support zone in the near term.

On the upside, an initial resistance is at $0.6600, followed by $0.6800. The most important resistance is at $0.7000, above which the price may accelerate gains towards $0.7500 in the near term.

The current market sentiment is positive in the cryptocurrency market since other major cryptocurrencies such as bitcoin, Ethereum, bitcoin cash, neo, litecoin and others also gained traction before starting a downside correction.