Ripple price surged towards the $0.5200 level and later reversed gains. XRP/USD is still placed above the key $0.4440 support with a bullish angle.
- Ripple price rallied above the $0.5000 resistance before declining back below $0.4650.
- XRP/USD is currently following a short-term declining channel with resistance at $0.4700 on the 30-minute chart.
- The price could dip towards the $0.4440 support before buyers take back control.
Ripple XRP Price Analysis
Yesterday, we saw a nasty ride above the $0.4400 and $0.5000 resistance levels in ripple price. Buyers pushed the price above the $0.5200 level, but later the price declined sharply and trimmed most gains.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.5248 and later declined sharply below $0.5000 and $0.4750. During the slide, there was a break below the 50% Fib retracement level of the recent wave from the $0.3982 low to $0.5248 high.
However, the price found support near a major technical level at $0.4440. It represents the 61.8% Fib retracement level of the recent wave from the $0.3982 low to $0.5248 high.
Later, the price started consolidating losses and crawled above the $0.4500 level and the 25 simple moving average (30-minute). At the outset, the price is following a short-term declining channel with resistance at $0.4700 on the same chart.
There could be a minor dip towards the $0.4440 or $0.4400 support level before an upward move. On the upside, a break above the $0.4700 resistance is likely to clear the path for more gains towards the $0.5000 level.
The RSI on the 30-minute chart of XRP/USD already broke a bearish trend line, which means ripple price may possibly move higher sooner or later.
If there is a downside break below the $0.4400 support, the price could slide back towards the next key support at $0.4300 (the previous resistance). Overall, ripple buyers remain in control as long as the price is above the $0.4400 and $0.4300 support levels.
The market data is provided by TradingView, Bitfinex.