Ripple price traded higher recently above $0.4750. XRP/USD is currently correcting lower towards the $0.4600 support area where buyers are likely to appear.

  • Ripple price is placed nicely in a bullish zone above the $0.4600 support level.
  • There is a short term contracting triangle in place with support at $0.4610 on the 30-minute chart.
  • XRP price remains well supported on the downside near the $0.4610 and $0.4600 levels.

Ripple XRP Price

Ripple Price Analysis

After trading as low as $0.4492, ripple price reacted to the upside and broke the $0.4505 and $0.4590 resistance levels. The price gained bullish momentum and surpassed the $0.4620 and $0.4750 levels as well.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.4785 and later started a downside correction. It declined below the $0.4720 support and the 25 simple moving average (30-minute).

The price recently tested the 50% Fib retracement level of the last wave from the $0.4492 low to $0.4785 high, which acted as a support.

At the outset, there is a short term contracting triangle in place with support at $0.4610 on the 30-minute chart. If the pair declines further, the triangle support near $0.4610 is likely to act as a strong support for buyers.

Moreover, the 61.8% Fib retracement level of the last wave from the $0.4492 low to $0.4785 high is placed near the $0.4603 level to prevent declines. Besides, the $0.4600 and $0.4590 levels are also important supports (the previous resistances).

Thus, if sellers push the price further lower, buyers are likely to appear near the $0.4610 or $0.4600 level. On the upside, the price must break the triangle resistance near $0.4680 to move back in a positive zone.

Above the triangle resistance, the next resistance is at $0.4700, above which the price will most likely move back towards the $0.4780 level. Should ripple price remain in an uptrend, it could test the $0.5000 level this week, which is a crucial hurdle for buyers.

The market data is provided by TradingView, Bitfinex.



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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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