- 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 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.
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.