Ripple price accelerated higher after it broke the $0.4650 resistance. XRP/USD buyers are in control and it seems like more gains are likely above $0.5200 and $0.5500.
- Ripple price accelerated gains and broke the $0.4800 and $0.4950 resistance levels.
- Yesterday’s followed short term contracting triangle was breached at $0.4680 on the 30-minute chart.
- XRP price is currently moving higher and it could accelerate gains above $0.5200.
Ripple Price Analysis
Yesterday, we saw a breakout pattern with resistance near $0.4680 and $0.4700 for ripple price. Buyers gained control recently, which resulted in an upside break above the $0.4800 and $0.4950 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair found a strong buying interest near the $0.4650 level and later started an upward move. The price broke to the upside and surpassed the $0.4700 resistance and the 25 simple moving average (30-minute).
The upside move started once yesterday’s followed short term contracting triangle was breached at $0.4680 on the same chart. The price surged higher and even broke the $0.5000 barrier. It traded as high as $0.5193 before sellers appeared.
A short term downside correction started and the price moved below $0.5100 and the 23.6% Fib retracement level of the last wave from the $0.4823 low to $0.5193 high.
However, the price found support near a connecting trend line, which acted as a resistance previously at $0.5050. At the moment, the price is moving higher towards the $0.5190 swing high, above which the price could rocket above the $0.5200 resistance.
On the flip side, if there is an extended correction, the price may test the $0.5000 support area. The 50% Fib retracement level of the last wave from the $0.4823 low to $0.5193 high is also near the $0.5000 area to act as a solid support.
Therefore, dips in ripple price are likely to find a strong support near the $0.5050 and $0.5000 levels. On the upside, a break above $0.5200 and $0.5250 may well push the price towards $0.5500 in the coming sessions.
The market data is provided by TradingView, Bitfinex.