Ripple price declined further and broke the key $0.4700 support. XRP/USD traded as low as $0.4623 and it is currently correcting higher.

  • Ripple price remained in a bearish zone and declined below the $0.4700 and $0.4690 supports.
  • XRP/USD is likely to face sellers near a bearish trend line with resistance at $0.4790 on the 30-minute chart.
  • The price could correct higher, but it has to move above $0.4800 to recover further.

Ripple XRP Price

Ripple Price Analysis

After forming a short-term top at $0.5020, ripple price started a downside move. The price declined and broke the $0.4900 and $0.4800 support levels to move into a bearish zone.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair faced an increased selling pressure after it settled below the $0.4800 support and the 25 simple moving average (30-minute). It opened the doors for more losses and the price declined below the $0.4700 and $0.4690 supports.

The price traded to a new weekly low at $0.4623 and it is currently correcting higher. At the outset, the price is testing the broken support at $0.4700, which is acting as a resistance.



If there is a break above the $0.2700 resistance, the next hurdle is near the 50% Fib retracement level of the decline from the $0.4864 high to $0.4623 low. Moreover, there is a major bearish trend line in place with resistance at $0.4790 on the same chart.

Around the trend line, the 25 simple moving average (30-minute) and the 61.8% Fib retracement level of the decline from the $0.4864 high to $0.4623 low are also positioned.

Therefore, if the price recovers, it is likely to face a lot of resistance near the $0.4750 and $0.4800 levels. Above these, the price may possibly climb into a positive zone with the next target as $0.4920.

On the other hand, if ripple buyers fail to push the price above the $0.4800 resistance, there could be further slides. An immediate support awaits at $0.4620, below which XRP/USD will most likely test the $0.4525 support.

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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