Ripple price declined recently and tested the $0.4700 support area. XRP/USD is currently recovering, but upsides remain capped by $0.4920 and $0.5020.

Ripple XRP Price

  • Ripple price is trading with a bearish bias below $0.5000-0.5020.
  • XRP/USD recently broke an ascending channel with support at $0.4925 on the 30-minute chart.
  • The price could correct lower in the short term towards $0.4820 or $0.4770.

Ripple Price Analysis

After a sharp decline below the $0.4800 level, ripple price found support near the $0.4680 and $0.4700 levels. Later, the price started recovering and traded above the $0.4750 and $0.4900 resistance levels, but gains were limited.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded above the $0.5000 level, but buyers failed to gain upside momentum. An intraday high was formed at $0.5020 and later the price moved lower.

It declined below the 23.6% Fib retracement level of the move from the $0.4692 low to $0.5020 high. Moreover, the pair broke an ascending channel with support at $0.4925 on the same chart to move into in a bearish zone.

There was even a spike below the 50% Fib retracement level of the move from the $0.4692 low to $0.5020 high. The price is currently correcting higher towards a connecting bearish trend line with resistance at $0.4920.

Should XRP breaks the $0.4920 resistance, it could revisit the $0.5020 high. Above the mentioned high, the price is likely to test the $0.5110 resistance area, which was a support earlier.

If there is no break above the $0.4920 and $0.5020 resistance levels, ripple price is likely to move down once again. An immediate support is near the $0.4815 level, which is the 61.8% Fib retracement level.

Below $0.4815, the price may possibly extend slides to $0.4770. And, if sellers remain in control, the price could even test the $0.4700 support area. Overall, the current price action is slightly bearish for XRP/USD until buyers manage to push the pair above the $0.4920 and $0.5020 resistance levels.

The market data is provided by TradingView, Bitfinex.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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