Ripple price tested the last swing low and support at $0.3905, and recently corrected higher. Bitcoin and Ethereum are struggling to recover, which could cap upsides in XRP/USD in the near term.
- After another decline, ripple price found support near the $0.3900 area.
- XRP is currently testing a major bearish trend line with resistance near $0.4145 on the 30-minute chart.
- The price could either surge above $0.4200 or decline back towards the $0.3900 support.
Read: Trade XRP with eToro
Ripple Price Analysis (XRP to USD)
In the past few hours, bitcoin extended losses and revisited the $11,000 support. Similarly, there was a downward move in ripple price below the $0.4100 and $0.4000 support levels. However, the last swing low and support near $0.3905 acted as a strong barrier for sellers once again.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.3901 and it recently started a fresh upward move. There was a break above the $0.3980 resistance and the 25 simple moving average (30-minute chart).
The price even climbed above the 50% Fib retracement level of the downward move from the $0.4294 high to $0.3901 low. However, the price ran into a major resistance area near $0.4145.
Besides, the price is currently testing a major bearish trend line with resistance near $0.4145 on the same chart. Additionally, the 61.8% Fib retracement level of the downward move from the $0.4294 high to $0.3901 low is also acting as a hurdle for the bulls.
If there is an upside break above the $0.4150 level, ripple price could rally above the $0.4200 resistance. The next resistance is near the $0.4290 swing high, above which the price is likely to climb towards the $0.4420 resistance area.
Conversely, if the price fails to break the trend line and $0.4150, it could start another decline. An immediate support is near the $0.4050 level and the 25 simple moving average (30-minute chart).
If ripple price fails to hold the $0.4050 support, it could retest the main $0.3900 support area. Any further downside might put a lot of pressure on XRP buyers.
The market data is provided by TradingView, Bitfinex.