Ripple price declined and tested the $0.4980 support area. XRP/USD is currently consolidating above $0.5000 and it is preparing for the next move.

  • Ripple price is holding the key support around the $0.4980 level.
  • There is a major bearish trend line formed with resistance at $0.5150 on the 30-minute chart.
  • XRP price may continue to consolidate above $0.5000 before the next move.

Ripple XRP Price

Ripple Price Analysis

Recently, there was a downside reaction below the $0.5280 support in ripple price. It traded below the $0.5100 support and tested the $0.4950-0.4980 support area.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair found a strong buying interest near the $0.4950 level and it later started a short term recovery. It moved above the $0.5150 level and the 25 simple moving average (30-minute).

Moreover, there was a break above the 23.6% Fib retracement level of the recent downward move from the $0.5463 high to $0.4935 swing low. However, the recovery faced a solid hurdle near the $0.5210 level.

The price also failed to surpass the 50% Fib retracement level of the recent downward move from the $0.5463 high to $0.4935 swing low. Later, there were a couple of attempts to settle above the $0.5200 resistance, but buyers failed.

As a result, there were a couple of bearish moves, but the price stayed above $0.4980 and $0.5000 support levels. To the topside, there is a major bearish trend line formed with resistance at $0.5150 on the same chart.

Above the trend line, there is a strong resistance formed near $0.5210. If there is a successful close above the trend line and $0.5200, the price will most likely start a fresh upward move towards the $0.5400 and $0.5500 levels.

On the downside, the main support is near the $0.4980-0.5000 zone. If sellers gain strength below $0.4980, the price could slide sharply below the $0.4850 level in the near term. Overall, ripple price seems to be consolidating above the key $0.4980 support and preparing for the next move.

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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