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 XRP Price

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.

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 $0.4650 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.

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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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