Ripple price is still trading above the $0.4700 support. XRP is the only one not in the red zone today, whereas bitcoin, Ethereum, litecoin and others fell significantly.

  • Ripple price managed to stay above the $0.4700 and $0.4650 support levels.
  • There is a short term breakout pattern forming with resistance at $0.5080 on the 30-minute chart.
  • XRP price could accelerate above $0.5100 as long as it is above the $0.4700 support.

Ripple XRP Price

Ripple Price Analysis

Yesterday, we discussed the key support near the $0.4700 level for ripple price. During the past few hours, all major cryptocurrencies like bitcoin, Ethereum, litecoin and ADA declined heavily, but XRP managed to hold gains above the $0.4700 support.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair retested the $0.4650 and $0.4700 support levels recently where buyers emerged. A low was formed at $0.4661 and later the price bounced above the $0.4700 and $0.4800 levels.

The upside move was positive above the $0.4900 level and the 25 simple moving average (30-minute). The price even surpassed the 50% Fib retracement level of the recent drop from the $0.5261 high to $0.4661 low.

However, the upside move was protected by a crucial resistance near $0.5080. Moreover, there was no close above the 61.8% Fib retracement level of the recent drop from the $0.5261 high to $0.4661 low.

At the moment, there is short term breakout pattern forming with resistance at $0.5080 on the same chart. Therefore, the price could either break the $0.5080 resistance and trade above $0.5100 or it may decline below $0.4800 and revisit the $0.4700 and $0.4650 support levels.

The overall price action is super positive considering the face that bitcoin price tumbled below the $5,000.00 level and Ethereum declined below the $150.00 level.

Therefore, there could be more gains in ripple as long as the price is above the $0.4700 and $0.4650 support levels. Below these, the price could test the $0.4400 support in the near term.

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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