Ripple price fell significantly and broke the $0.4575 support. XRP/USD found support near $0.4350 and bounced back sharply above $0.4470.

  • Ripple price settled below the key support near the $0.4575 level.
  • During the decline, there was a break below a major triangle support at $0.4620 on the 30-minute chart.
  • XRP price is currently recovering above $0.4480 and the 25 simple moving average (30-minute).

Ripple XRP Price

Ripple Price Analysis

After topping near the $0.4680 level, ripple price started a major downside move. The price traded below the $0.4620 and $0.4575 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 broke the $0.4575 and $0.4500 support levels. It declined towards $0.4300 level and cleared the 25 simple moving average (30-minute).

The price traded as low as $0.4350 and later it started a decent recovery. Buyers were aggressive and pushed the price back above the $0.4500 level and the 25 SMA. XRP even spiked above the 50% Fib retracement level of the last decline from the $0.4680 high to $0.4351 low.

However, there are many barriers on the upside for buyers around the $0.4580 and $0.4575 levels. More importantly, the previous support near the $0.4575 level is likely to act as a strong resistance.

An intermediate resistance is near $0.4550 and the 61.8% Fib retracement level of the last decline from the $0.4680 high to $0.4351 low. The price is currently moving lower and it could retest the $0.4470 level and the 25 SMA.

Dips from the current levels are likely to find bids near the $0.4470 and $0.4450 levels. If buyers fail to keep the price above the $0.4450 level, there could be a fresh decline towards the last swing low at $0.4350.

Overall, ripple price found a strong support near $0.4350 and recovered. Having said that, buyers are facing an uphill task near the $0.4550 and $0.4575 resistance levels. To move back into a positive zone, the price must surpass the $0.4575 and $0.4600 levels.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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