Ripple (XRP) Price Prediction: Should You Buy Now?

Ripple price is forming a solid support near $0.4250 against the US Dollar. Should XRP price moves past $0.5200 and $0.5500, it could open the doors for a larger uptrend.

This past week, there was a decent rise in ripple price from the $0.4250 support area. The price jumped above the $0.5000 resistance, but the upside move was capped by a significant resistance at $0.5200. Let’s understand the current price action and whether you should buy ripple around the current levels or not.

Ripple Price (XRP) Prediction, Chart, Analysis and Key Takeaways:

• Ripple price is facing a tough challenge near the $0.5200 and $0.5500 resistances.
• There are two bearish trend lines in place at $0.5200 and $0.5500 on the daily chart of XRP/USD.
• The pair must clear the $0.5200 and $0.5500 resistances to start an uptrend.

Looking at the daily chart, ripple price is forming a solid support base near $0.4250 and there were multiple rejections around the stated level. Recently, XRP/USD traded higher and moved above the $0.4800 and $0.5000 resistances.

However, the upward move was capped by the $0.5200 resistance and a bearish trend line on the daily chart. Moreover, the 55 simple moving average (orange) also acted as a barrier for more gains near $0.5190.

Ripple dipped sharply and is currently trading above the all-important $0.4250 support. The chart indicates that the price is facing two key resistances – $0.5200 and $0.5500. Both these levels coincide with bearish trend lines, 55-day SMA and the 100-day SMA (green).

The second resistance is also close to the 23.6 percent Fibonacci retracement level of the last decline from the $0.9720 high to $0.4227 low. Therefore, a successful close above $0.5200 and then $0.5500 could accelerate gains in XRP/USD.

The next key resistance is at $0.7000 and the 50 percent Fibonacci retracement level of the last decline from the $0.9720 high to $0.4227 low. Overall, it seems like a proper break above $0.5200 and $0.5500 will most likely put buyers in control in the medium term and it could present a buying opportunity.

On the flip side, should ripple price breaks the $0.4250 support, there could be heavy declines back towards the $0.4000 and $0.3500 levels.