Ripple price dipped below the $0.4000 support level, but it remained well supported near the $0.3820 and $0.3800 levels. XRP is likely to climb above the $0.4000 and $0.4200 resistance levels.
- The price is currently consolidating above the $0.3800 support area.
- XRP is trading below a short term bearish trend line with resistance at $0.3930 on the 30-minute chart.
- Ripple price is likely to climb above the $0.4000 and $0.4050 resistance levels.
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Ripple Price Analysis (XRP to USD)
Recently, there was a fresh dip in ripple price from the $0.4100 swing high. XRP/USD traded below the $0.3920 support area and tested the main $0.3800 support area. A swing low was formed at $0.3801 and the price climbed above $0.4000.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.4056 and recently started a minor decline. It broke the $0.4000 support level and the 50% Fib retracement level of the recent wave from the $0.3801 low to $0.4056 high.
The price declined below the $0.3920 support and the 25 simple moving average (30-minute chart). However, the $0.3900 level is acting as a support along with the 61.8% Fib retracement level of the recent wave from the $0.3801 low to $0.4056 high.
On the downside, there are strong supports formed near $0.3900 and $0.3800. There is also a bullish trend line in place with support at $0.3840 on the same chart.
As long as the price is above the recent low of $0.3801, it is likely to move higher towards the $0.4000 level. On the upside, there is a short term bearish trend line in place with resistance at $0.3930 on the same chart.
If there is an upside break above the trend line and $0.4000, the price is likely to accelerate higher in the near term.
An immediate resistance above $0.4000 is at $0.4050. If ripple price continues to move higher, there are chances of more gains above the $0.4100 and $0.4120 levels. On the downside, a break below the $0.3800 support could open the doors for more losses towards $0.3600.
The market data is provided by TradingView, Bitfinex.