Ripple price started a strong rise from the $0.3740 swing low. XRP/USD surged above the $0.4000 resistance, but it failed to continue higher and it is currently preparing for the next move above the $0.3900 support.
- Ripple price gained more than 10% in the past two days and climbed above $0.4000.
- XRP/USD is currently trading inside a contracting triangle with resistance near $0.3965 on the 30-minute chart.
- The price could start a fresh increase once it clears the $0.3965 and $0.4000 resistances.
Ripple Price Analysis (XRP to USD)
In the past two days, there was a solid upward move in ripple price from the $0.3740 swing low. XRP/USD climbed more than 10% and broke the $0.4000 resistance level before topping near the $0.4113 level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair surged towards the $0.4100 level and broke the 25 simple moving average (30-minute chart). A new intraday high was formed near $0.4113 and recently the price corrected lower.
It broke the $0.4040 support and the 25 simple moving average (30-minute chart). It tested the $0.3890 level and formed a low near $0.3885. At the outset, the price is consolidating in a range and recently climbed above the 23.6% Fib retracement level of the last slide from the $0.4113 high to $0.3885 low.
However, the $0.3990 and $0.4000 levels are acting as resistances. Besides, the 50% Fib retracement level of the last slide from the $0.4113 high to $0.3885 low is acting as a resistance.
More importantly, there is a contracting triangle forming with resistance near $0.3965 on the same chart. If there is an upside break above the triangle resistance and $0.4000, ripple price might start a fresh increase towards the $0.4110 zone.
If there are more gains, the price could even break the $0.4220 resistance area. On the flip side, if there is a downside break below the $0.3910 support area, the price could trim gains.
An immediate support is near the $0.3885 level, below which the price will most likely move back towards the $0.3820 support area. Overall, ripple price seems to be consolidating gains and it could either continue higher above $0.4000 or decline back towards the $0.3820 level.
The market data is provided by TradingView, Bitfinex.