- 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 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.
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.