Ripple price traded higher and broke the key resistance at $0.4650. XRP/USD could continue to move higher towards $0.5050 or $0.5240.

  • Ripple price climbed higher and broke the $0.4650 and $0.4800 resistance levels.
  • Yesterday’s declining channel with resistance at $0.4650 was breached on the 30-minute chart of XRP/USD.
  • XRP price is currently following a bullish trend line with support at $0.4780.

Ripple XRP Price

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Ripple Price Analysis

Yesterday, we discussed that ripple looks like a buy on dips near the $0.4400 level. The price remained well supported above $0.4400 and it slowly climbed higher above the $0.4650 resistance area.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair gained momentum above the $0.4600 level and the 25 simple moving average (30-minute). It also broke the 23.6% Fib retracement level of the last slide from the $0.5250 high to $0.4471 low.



Additionally, there was a clear break above yesterday’s highlighted declining channel with resistance at $0.4650 on the same chart. Later, the price retested the same broken channel, but buyers protected declines below $0.4650.

Finally, there were additional gains and the price traded above the $0.4800 resistance. It even tested the $0.4950 level and the 61.8% Fib retracement level of the last slide from the $0.5250 high to $0.4471 low.

The current upside move seems convincing above $0.4800 and the price may perhaps continue to move higher towards the next resistance at $0.5050. Above this, the next major barrier for buyers is near the last swing high at $0.5250.

On the other hand, if there is a downside move, the price is likely to find support near $0.4800 and the 25 simple moving average (30-minute). Moreover, there is a bullish trend line in place with support at $0.4780.

Therefore, ripple price is placed nicely above the $0.4800 and $0.4650 support levels. Once there is a proper break above the $0.4950 and $0.5050 resistance levels, there could be more a sharp upward move towards the $0.5250 swing high in the near term.

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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