Ripple Price Analysis
Yesterday, we discussed the chances of ripple price surpassing the $0.4500 resistance against the US Dollar. The XRP/USD pair did gain momentum in the past three sessions and rallied above the $0.4450 and $0.4500 resistance levels. There was even a break above the $0.4600 level and the price traded to a new monthly high at $0.4631. Recently, it started a downside correction below $0.4600, but it remained well above the 100 hourly moving average.
There was a break below the $0.4550 level and the 23.6% Fib retracement level of the recent rally from the $0.4263 low to $0.4631 high. The price even traded below the $0.4500 support, but the $0.4450 level acted as a strong support. It seems like the previous hurdles near $0.4440 and $0.4450 are acting as supports. Moreover, the 50% Fib retracement level of the recent rally from the $0.4263 low to $0.4631 high is acting as a support.