EagleFX

Ripple price started a downside correction from well above $0.4550. XRP tested the $0.4185 support zone and it is currently showing positive signs above the $0.4250 level.

  • The price tested the $0.4185-0.4200 support zone and recently recovered above $0.4250.
  • XRP broke a major bearish trend line with resistance at $0.4510 on the 30-minute chart.
  • Ripple price could struggle near $0.4385, above which there could be further upsides.

Ripple Price

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Ripple Price Analysis (XRP to USD)

After a strong upward move, ripple price topped near the $0.4635 level and declined steadily. There were corrective moves in bitcoin, Ethereum and ripple. XRP/USD traded below the $0.4385 and $0.4240 support levels, but the $0.4185-0.4200 support zone acted as a decent buy zone.

Ripple Price Analysis (XRP to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.4188 and recently started a fresh increase. It broke the $0.4220 and $0.4250 resistance levels to start the recent recovery.

It even broke the 25 simple moving average (30-minute chart) plus the 23.6% Fib retracement level of the latest drop from the $0.4636 high to $0.4188 low.

Moreover, the price broke a major bearish trend line with resistance at $0.4510 on the same chart. It is currently trading near the $0.4320 level, with many hurdles near the $0.4385 and $0.4400 levels.

The previous pivot zone near $0.4385 is likely to act as a strong resistance. Besides, the 50% Fib retracement level of the latest drop from the $0.4636 high to $0.4188 low is near the $0.4415 level.

Therefore, XRP bulls need to clear the $0.4385 and $0.4415 levels to start a fresh increase in the near term. Conversely, if they fail to clear the $0.4385 or $0.4415 resistance, the price could decline again towards the $0.4200 or $0.4185 support.

Below $0.4185, the main support for ripple price is near the $0.4145 level. If there are more losses below $0.4145, XRP price is likely to test the $0.4020 support zone. On the upside, a clear break above $0.4415 might lead the price towards the $0.4600 resistance area.

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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