Key HighlightsRipple price formed a major low near the $0.5100 level and bounced back against the US dollar. Yesterday’s important bearish trend line was broken with resistance near $0.5200 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair tested the $0.5500 resistance zone and is currently correcting lower. Ripple price is back with positive moves against the US Dollar and Bitcoin. XRP/USD is now well supported above the $0.5300 level and the 100 hourly SMA. Ripple Price TrendThere was a key support formed around the $0.5100 level in Ripple price against the US Dollar. The price formed a low at $0.5100 and started a nice upside move. It jumped above the $0.5200 resistance and cleared a few sell zones. During the upside move, there was a break above the 38.2% Fib retracement level of the last decline from the $0.5650 swing high to $0.5100 low. Moreover, yesterday’s important bearish trend line was broken with resistance near $0.5200 on the hourly chart of the XRP/USD pair. The pair even cleared the $0.5400 level and the 100 hourly simple moving average. There was a test of the $0.5500 resistance zone where sellers appeared. A high was formed at $0.5523 before the price started a downside correction. At the moment, the price is testing the 38.2% Fib retracement level of the last wave from the $0.5100 low to $0.5520 swing high. On the downside, there are many supports near the $0.5300 level and the 100 hourly SMA. Looking at the chart, the 50% Fib retracement level of the last wave from the $0.5100 low to $0.5520 swing high at $0.5311 is a decent support. Therefore, if the price continues to move down, it is likely to find bids near the $0.5300 level. Looking at the technical indicators:Hourly MACD – The MACD for XRP/USD is currently in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed well above the 50 level. Major Support Level – $0.5300Major Resistance Level – $0.5520 Ripple Price Analysis: XRP/USD Poised to Extend Gains was last modified: June 19th, 2018 by Aayush Jindal