Ripple price recently corrected above $0.4500, but it failed to gain momentum. XRP/USD is currently consolidating with bearish moves below $0.4490.

  • Ripple price is consolidating above the $0.4420 and $0.4350 support levels.
  • There is a flag pattern forming with resistance near $0.4490 on the 30-minute chart.
  • XRP price could dip towards the $0.4350 support before it could correct further higher.

Ripple XRP Price

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Ripple Price Analysis

After trading as low as $0.4350, ripple price started an upside correction. The price recovered above the $0.4400 and $0.4450 levels, but buyers failed to hold gains above the $0.4500 level.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair recovered nicely above the $0.4500 level and the 25 simple moving average (30-minute). During the upside, there was a break above a contracting triangle with resistance at $0.4480.

It traded as high as $0.4534 and later declined below the $0.4500 level. Sellers pushed the price below the 23.6% Fib retracement level of the recent recovery from the $0.4351 low to $0.4534 high.

The price declined further and tested the $0.4440 level plus the 50% Fib retracement level of the recent recovery from the $0.4351 low to $0.4534 high, which acted as a support. At the outset, there is a flag pattern forming with resistance near $0.4490 on the same chart.

It seems like the pair could dip once again towards the $0.4440 or $0.4420 support levels. As long as the $0.4420 and $0.4400 levels are intact, the price is likely to bounce back towards $0.4500 and $0.4540.

The overall trend is still bearish unless ripple buyers push the price above the $0.4575 pivot level. If not, once the current correction is complete, the price may well decline to revisit the $0.4350 level in the near term.

Conversely, if ripple price settles above the $0.4575 pivot level, it will most likely move back in a bullish zone. The next key hurdles for buyers are near $0.4610 and $0.4640. On the downside, a break below the $0.4350 support could push the price below $0.4200.

The market data is provided by TradingView, Bitfinex.



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.

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