Ripple price is currently trading in a range below the key $0.4940 resistance. Bitcoin rallied above $12,500, increasing chances of an upside break in XRP above the $0.4800 resistance.
- There were mostly range moves in ripple price above the $0.4600 support area.
- XRP broke a key bearish trend line at $0.4685 on the 30-minute chart.
- There are many hurdles for the bulls on the upside near the $0.4850 and $0.4940 levels.
Ripple Price Analysis (XRP to USD)
In the past few hours, bitcoin price extended gains above the $12,000 and $12,500 levels, but ripple failed to gain momentum. XRP price is currently trading nicely above the $0.4600 support area, but there are many hurdles on the upside.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair settled above the $0.4600 level after testing it on many occasions. Finally, it climbed higher above the $0.4650 resistance and the 25 simple moving average (30-minute chart).
Moreover, there was a break above the 76.4% Fib retracement level of the downward move from the $0.4778 high to $0.4526 low. Moreover, the price broke a key bearish trend line at $0.4685 on the same chart.
It is now trading above the $0.4720 level and it recently teste the $0.4775 swing high. At the outset, the price seems to be trading in a broad range below the $0.4850 and $0.4940 resistance levels.
An immediate resistance is near $0.4840 and the 1.236 Fib extension level of the downward move from the $0.4778 high to $0.4526 low. If there is an upside break above the $0.4850 and $0.4940 resistance levels, the price could accelerate higher.
The next important resistance is near the $0.5000 and $0.5020 levels, above which the price could test the $0.5100 swing high.
Overall, ripple price seems to be struggling to gain momentum above the $0.4800 and $0.4850 levels. On the other hand, bitcoin and Ethereum are staging for more gains above the $12,500 and $340.00 levels in the near term, which could also boost the market sentiment for XRP.
The market data is provided by TradingView, Bitfinex.