EagleFX

Ripple price is trading with a positive bias above $0.4575. XRP/USD buyers need to clear the $0.4680 resistance for an upward move towards $0.4780.

  • Ripple price has formed a solid support base near $0.4575 level.
  • An ascending channel is formed with support near the $0.4610 level on the 30-minute chart.
  • XRP price remains buy on dips near the $0.4600 and $0.4610 levels.

Ripple XRP Price

Ripple Price Analysis

After trading above the $0.4800 level, ripple price started a downside correction below the $0.4700 level. The price traded below the $0.4640 and $0.4600 levels before buyers appeared near the $0.4580 level.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.4566 recently and later started trading in a range. The chart suggests that there is a solid support base formed near $0.4575 level.

Recently, the price moved higher and broke the $0.4620 level and the 25 simple moving average (30-minute). Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $0.4853 high to $0.4566 low.

However, the price was not able to stay above the $0.4660 level and later revisited the $0.4640 level and the 25 SMA. At the outset, there is an ascending channel formed with support near the $0.4610 level on the same chart.


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If the price dips from the current levels, it could find support near the $0.4610 level. Below the channel support, the price may well revisit the key $0.4575 support area.

On the upside, there is a strong resistance formed near $0.4680, channel’s upper trend line, and a bearish trend line. Therefore a proper break and close above the $0.4680 level could push the price back in a positive zone.

The next resistance is near the $0.4700 level and the 50% Fib retracement level of the last decline from the $0.4853 high to $0.4566 low. Above $0.4700, ripple price will most likely revisit the $0.4840 swing high in the near term. On the flip side, a downside break below $0.4610 and $0.4575 may ignite sharp bearish moves.

The market data is provided by TradingView, Bitfinex.


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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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