Ripple price started a short term correction and traded below $0.5500. XRP/USD is currently trading near the key $0.5275 and $0.5200 support.

  • Ripple price traded higher towards the $0.5700 level before sellers emerged.
  • There was a break below a major bullish trend line at $0.5450 on the 30-minute chart.
  • XRP price is currently trading near a few important supports such as $0.5275 and $0.5200.

Ripple XRP Price

Ripple Price Analysis

Yesterday, we discussed that a break above $0.5200 and $0.5250 may well push ripple price towards $0.5500. The price did move past $0.5200, broke the $0.5500 resistance, and traded to a new monthly high.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair formed a support base near the $0.5200 level and the 25 simple moving average (30-minute). A fresh upside wave was initiated and the price rallied above the $0.5500 and $0.5600 levels.

The price traded as high as $0.5700 before sellers emerged. Later, the price started a downside correction and traded below the $0.5560 level and the 50% Fib retracement level of the recent upside from the $0.5041 low to $0.5700 high.

Moreover, there was a break below the $0.5350 support and the 25 simple moving average (30-minute). However, the price is currently testing the $0.5300 support and the 61.8% Fib retracement level of the recent upside from the $0.5041 low to $0.5700 high.

It seems like there could be a downside push towards the $0.5200 support before buyers take control once again. On the upside, a break above the $0.5480 level is needed for uptrend continuation.

Above $0.5480 and $0.5500, the price will most likely revisit the $0.5700 swing high. The final target for buyers above $0.5700 could be near the key $0.6000 resistance level, above which the price may test $0.6200.

Overall, the current price action is positive above the $0.5275 and $0.5200 support levels in ripple. As long as the $0.5200 support is intact, XRP is likely to bounce back above the $0.5480 and $0.5500 resistance levels in the coming sessions.

The market data is provided by TradingView, Bitfinex.



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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