EagleFX

Ripple price rallied sharply above $0.5000 and topped near the $0.5100 level. Recently, it declined heavily, tested $0.4475 ad XRP to USD is currently correcting towards key resistances.

  • There was a sharp correction from the $0.5100 high to $0.4469 low.
  • XRP is facing a strong resistance near $0.4750 and a bearish trend line on the 30-minute chart.
  • Ripple price might struggle to gain strength above the $0.4750 and $0.4800 resistances in the near term.

Ripple Price

Read: Trade with eToro

Ripple Price Analysis (XRP to USD)

After bitcoin’s rally, ripple price joined the party and surged above the $0.4600 and $0.4850 levels. The upward move was strong since there was a break above the key $0.5000 level and XRP to USD traded to a new multi-month high at $0.5100.

Ripple Price Analysis (XRP to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair faced a strong resistance near $0.5100 and it failed to stay above the $0.5000 level. As a result, there was a sharp decline below the $0.5000 and $0.4850 levels.

The price even broke the $0.4750 support and settled below the 25 simple moving average (30-minute chart). A swing low was formed at $0.4469 and the price is currently correcting higher.


Cryptorocket

It is trading above the $0.4550 level, but facing resistance near $0.4680. The 25 simple moving average (30-minute chart) and the 50% Fib retracement level of the latest drop from the $0.4890 high to $0.4469 low are also near the $0.4680 resistance.

Moreover, there is a strong resistance forming near $0.4750 and a bearish trend line on the same chart. The 61.8% Fib retracement level of the latest drop from the $0.4890 high to $0.4469 low is also near the $0.4730 to act as a barrier for the bulls.

If there is an upside break above the $0.4730 and $0.4750 levels, ripple price could start a strong upward move.

The next key resistances are $0.4950 and $0.5000, above which XRP may even climb above the $0.5100 high. On the downside, the main supports for the bulls are near $0.4520 and $0.4475.

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 *