Ripple price climbed higher steadily from the $0.3880 support area. XRP/USD broke the key $0.4010 resistance, while there was a strong jump in bitcoin price above $12,450.
- Ripple price formed a bullish pattern and climbed above the $0.3980 and $0.4000 resistances.
- XRP/USD is now trading well above a crucial bullish trend line with support near $0.4000 on the 30-minute chart.
- The price is likely to break the $0.4120 and $0.4150 resistance levels in the near term.
Ripple Price Analysis (XRP to USD)
Yesterday, we saw a strong recovery in ripple price from the $0.3740 support area. XRP/USD even broke the $0.4050 level before correcting lower. It tested the $0.3880 support area and it recently climbed higher once again, following a decent rise in bitcoin and Ethereum.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded nicely above the $0.3950 pivot level and settled above the 25 simple moving average (30-minute chart). The recent rise was positive since there was a close above the $0.4000 level.
The price even broke the 61.8% Fib retracement level of the last drop from the $0.4113 high to $0.3889 low. It set the tone for more gains and the price traded close to the $0.4100 level.
A swing high was formed near $0.4083 and the price is currently correcting lower. It is testing the 23.6% Fib retracement level of the recent wave from the $0.3932 low to $0.4083 high.
An immediate support is near the $0.4025 and the 25 simple moving average (30-minute chart). However, the main support is near the $0.4000 level. It coincides with the 50% Fib retracement level of the recent wave from the $0.3932 low to $0.4083 high.
More importantly, there is a crucial bullish trend line forming with support near $0.4000 on the same chart. If there is a downside break below the trend line support and $0.3950, the price could revisit the $0.3880 swing low.
On the upside, an immediate resistance for ripple price is near the $0.4080 and $0.4100 levels. If XRP/SUD clears the $0.4100 resistance and $0.4120 pivot level, it could grind further higher towards the $0.4250 and $0.4320 levels.
The market data is provided by TradingView, Bitfinex.