Ripple price declined sharply from the $0.5261 swing high. XRP/USD is currently trading near a crucial support zone at $0.4700, which is likely to hold losses

  • Ripple price declined recently below the $0.5000 support area.
  • There was a break below a major bullish trend line at $0.5060 on the 30-minute chart.
  • XRP price is likely to bounce back as long as it is above the $0.4700 support area.

Ripple XRP Price

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Ripple Price Analysis

Recently, there was a decent recovery from the $0.4700 support area in ripple price. During the recovery, the price traded above the $0.5000 and $0.5200 resistance levels.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair even traded above the $0.5300 level and formed a high at $0.5312. Later, there was a downside correction and the price declined below the $0.5200 support.

An intermediate high was formed at $0.5261 and the price settled below the 25 simple moving average (30-minute). Moreover, there was a break below a major bullish trend line at $0.5060 on the same chart.

Later, the price tumbled below the $0.5000 support and tested the next key support area between $0.4700 and $0.4800. The stated $0.4700 support area is significant since it acted as a barrier for sellers on many occasions.

Therefore, there are chances that the price could recover above the $0.4900 and $0.5000 levels. An initial resistance is near the 23.6% Fib retracement level of the recent decline from the $0.5261 high to $0.4740 low.

However, the main resistance awaits near the $0.5050 level and the 25 SMA. More importantly, the 50% Fib retracement level of the recent decline from the $0.5261 high to $0.4740 low is at $0.5001 to act as a solid resistance.

If there is a successful close above the $0.5000 and $0.5050 resistances, the price could resume its upward move. Conversely, if buyers fail to push the price above $0.4900 and $0.5000 levels, there might be more losses in the near term. The next major support is at $0.4700, below which ripple price may decline towards the $0.4500 level.

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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