EagleFX

Ripple price broke the key $0.3950 and $0.4000 resistance levels to move into a positive zone. XRP could consolidate in the short term before a strong rise above $0.4250 and $0.4320.

  • The price traded as high as $0.4296 and recently corrected below the $0.4160 support.
  • XRP traded below an ascending channel with support near $0.4140 on the 30-minute chart.
  • Ripple price is currently holding an important support near the $0.3940 level.

Ripple Price

Read: Best Brokers Compared

Ripple Price Analysis (XRP to USD)

In the past three sessions, there was a decent rebound in ripple started from the $0.3699 swing low. XRP/USD traded higher and surpassed a few important resistances near the $0.3950 and $0.4000 levels.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair even broke $0.4250 and traded as high as $0.4296. Recently, it faced renewed selling interest, resulting in a downside break below the $0.4160 support level.


3Commas

The price broke the $0.4100 support and the 23.6% Fib retracement level of the recent wave from the $0.3699 low to $0.4296 high. Besides, the price traded below an ascending channel with support near $0.4140 on the same chart.

More importantly, the price settled below the $0.4100 level and the 25 simple moving average (30-minute chart). However, the decline was protected by an important support area near the $0.2950 and $0.2940 levels.

Ripple even tested the 50% Fib retracement level of the recent wave from the $0.3699 low to $0.4296 high, and it is currently consolidating in a range. On the upside, an immediate resistance is near $0.4100 and the 25 simple moving average (30-minute chart).

If there is a successful close above $0.4100 and the 25 SMA, the price is likely to retest $0.4280 or $0.4295. Any further gains could start a strong upward move above $0.4300 and $0.4320 in the near term.

Conversely, if ripple price fails to stay above the key $0.3950 and $0.3940 support levels, there could be additional downsides. The next major support for XRP is near $0.3640, where the bulls might protect further losses.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto
eToro Risk Warning: 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

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.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *