Ripple price followed bitcoin and rallied above the $0.4420 resistance area. XRP corrected lower recently, but dips remain supported and the price seems to be eyeing more upsides above $0.4480.
- The price recently gained nearly 10% and broke the $0.4210 and $0.4420 resistance levels.
- XRP is currently trading inside a contracting triangle with support at $0.4300 on the 30-minute chart.
- Ripple price is likely to accelerate higher once it clears the $0.4400 and $0.4480 resistances.
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Ripple Price Analysis (XRP to USD)
This week, there was a strong upward move in ripple price from the $0.3760 swing low. XRP/USD rallied sharply and cleared many resistances, including $0.3850, $0.4020, $0.4120 and $0.4210.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair even broke the $0.4420 resistance level and the 25 simple moving average (30-minute chart). A new weekly high was formed at $0.4488 and the price recently corrected lower.
It traded below the $0.4300 level, but the bulls defended the $0.4210 support area. As a result, there was a fresh increase above $0.4300 and the 50% Fib retracement level of the recent decline from the $0.4488 high to $0.4150 swing low.
The recent wave extended above the $0.4400 level, but the price failed to break $0.4410. The 76.4% Fib retracement level of the recent decline from the $0.4488 high to $0.4150 swing low also prevented gains.
At the moment, the price is trading inside a contracting triangle with support at $0.4300 on the same chart. It seems like the bulls are sighting an upside break above the $0.4300 and $0.4400 levels.
A clear break above the triangle and the $0.4488 swing high could open the doors for a larger rally above the $0.4500 and $0.4600 levels. The next key resistances are near $0.4950 and $0.5000.
On the downside, the main support is near $0.4300 and the 25 simple moving average (30-minute chart). Below $0.4300, ripple is likely to find a solid buying interest near the key $0.4210 support area. Overall, dips remain supported in XRP/USD and the pair is likely to climb further above $0.4488.
The market data is provided by TradingView, Bitfinex.
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