Key HighlightsRipple price corrected lower recently from the $0.7000 swing high against the US dollar. There is a contracting triangle forming with current support at $0.6400 on the hourly chart (data source from Kraken). The pair may consolidate above the $0.6200 pivot level in the short term before it makes the next move. Ripple price is consolidating gains against the US Dollar and Bitcoin. XRP/USD must stay above the $0.6200 support to continue moving higher. Ripple Price Range SupportAfter trading close to the $0.7000 level, Ripple price faced selling interest against the US Dollar. The price started a downside correction and traded below the $0.6800 and $0.6600 support levels. There was also a break below the 50% Fib retracement level of the last leg from the $0.6240 low to $0.6995 high. However, the downside move was protected by the $0.6400 support. A low was formed at $0.6368 before the price moved back above $0.6500. It is currently trading above the 23.6% Fib retracement level of the last decline from the $0.6971 high to $0.6368 low. In the short term, there could be more range moves above the $0.6200 pivot level before buyers take control. It seems like there is a contracting triangle forming with current support at $0.6400 on the hourly chart. On the upside, a break above the 50% Fib retracement level of the last decline from the $0.6971 high to $0.6368 low may push the price towards $0.6900. Looking at the chart, the pair must clear the $0.6900 and $0.7000 resistance levels to extend gains. Above $0.7000, the price will most likely trade towards the $0.7500 level in the near term. On the downside, the $0.6400 level is an initial support. However, the most important support is at $0.6200. Looking at the technical indicators:Hourly MACD – The MACD for XRP/USD is slightly in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level. Major Support Level – $0.6400Major Resistance Level – $0.6900 Ripple Price Technical Analysis – XRP/USD Consolidating above $0.6200 was last modified: April 17th, 2018 by Aayush Jindal