Ripple price traded higher recently above $0.4750. XRP/USD is currently correcting lower towards the $0.4600 support area where buyers are likely to appear.
- Ripple price is placed nicely in a bullish zone above the $0.4600 support level.
- There is a short term contracting triangle in place with support at $0.4610 on the 30-minute chart.
- XRP price remains well supported on the downside near the $0.4610 and $0.4600 levels.
Ripple Price Analysis
After trading as low as $0.4492, ripple price reacted to the upside and broke the $0.4505 and $0.4590 resistance levels. The price gained bullish momentum and surpassed the $0.4620 and $0.4750 levels as well.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.4785 and later started a downside correction. It declined below the $0.4720 support and the 25 simple moving average (30-minute).
The price recently tested the 50% Fib retracement level of the last wave from the $0.4492 low to $0.4785 high, which acted as a support.
At the outset, there is a short term contracting triangle in place with support at $0.4610 on the 30-minute chart. If the pair declines further, the triangle support near $0.4610 is likely to act as a strong support for buyers.
Moreover, the 61.8% Fib retracement level of the last wave from the $0.4492 low to $0.4785 high is placed near the $0.4603 level to prevent declines. Besides, the $0.4600 and $0.4590 levels are also important supports (the previous resistances).
Thus, if sellers push the price further lower, buyers are likely to appear near the $0.4610 or $0.4600 level. On the upside, the price must break the triangle resistance near $0.4680 to move back in a positive zone.
Above the triangle resistance, the next resistance is at $0.4700, above which the price will most likely move back towards the $0.4780 level. Should ripple price remain in an uptrend, it could test the $0.5000 level this week, which is a crucial hurdle for buyers.
The market data is provided by TradingView, Bitfinex.
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