EagleFX

Ripple price is slowly recovering after testing the $0.3840 support area. XRP could correct further, but sellers are likely to remain active as long as the price is below $0.4250.

  • The price is facing a lot of hurdles near the $0.4080 and $0.4170 resistance levels.
  • XRP recovered above a key bearish trend line with resistance at $0.4030 on the 30-minute chart.
  • Ripple price could correct further higher, but the $0.4170 and $0.4250 levels are likely to cap upsides.

Ripple Price

Read: Crypto Trading Bots, Complete Guide

Ripple Price Analysis (XRP to USD)

Recently, there was a downside extension in ripple price below the $0.4000 support. XRP/USD traded below the $0.3920 support before the bulls appeared near the $0.3840 support area. As a result, the price started a short term recovery above $0.3920 and $0.4000.

Ripple Price Analysis (XRP to USD)

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair recently recovered above the $0.4050 level and the 25 simple moving average (30-minute chart) to clear the path for a short term recovery.

Moreover, there was a break above a key bearish trend line with resistance at $0.4030 on the same chart. The price tested the 23.6% Fib retracement level of the decline from the $0.4659 high to $0.3837 swing low.


Cryptorocket

The price is currently consolidating near the $0.4080 level and it might slowly recover further. However, there are many resistances on the upside near the $0.4150 and $0.4170 levels.

The $0.4170 level is important since it represents the previous swing high. A break above the $0.4170 level could open the doors for a larger recovery. The next key resistance is near the $0.4250 level.

The $0.4250 level represents the 50% Fib retracement level of the decline from the $0.4659 high to $0.3837 swing low. If there is a clear break above the $0.4250 level, the price could continue to move higher towards the $0.4400 and $0.4500 levels.

Conversely, if there is a downside break below the $0.4000 support, ripple price could restart a fresh decline in the coming sessions. The next key supports for the bulls are $0.3840 and $0.3800.

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 *