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.
Read: Guide to XM Broker
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.
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.