Ripple (XRP) Price Analysis: Uptrend Intact, Bulls Eyeing Upside Break
Ripple price is following a solid uptrend above the $0.4300 support area. XRP could correct lower in the short term, but it is likely to climb above $0.4500 in the near term.
- The price recently corrected lower sharply from the $0.4654 swing high.
- XRP is currently following a major bullish trend line with support at $0.4340 on the 30-minute chart.
- Ripple price could dip a few points, but the price is likely to break the $0.4500 resistance.
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Ripple Price Analysis (XRP to USD)
Recently, there was a steady rise in ripple price above the $0.4500 resistance area. XRP/USD even broke the $0.4600 resistance and traded as high as $0.4654. Later, it corrected lower below $0.4600 and $0.4500.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair is clearly following a decent uptrend above the $0.4200 and $0.43000 levels. The recent downside correction took the price below the $0.4400 level, but the price found support near $0.4290.
A swing low was formed at $0.4292 and the price climbed above the $0.4300 and $0.4350 levels. The price moved above the 23.6% Fib retracement level of the recent decline from the $0.4654 high to $0.4292 swing low.
At the moment, the price is trading above the $0.4400 level and testing the 25 simple moving average (30-minute chart). It seems like the 50% Fib retracement level of the recent decline from the $0.4654 high to $0.4292 swing low is acting as a resistance.
On the upside, there is a connecting bearish trend line formed with resistance near $0.4500 on the same chart. If there is an upside break, the price could continue higher above $0.4600.
On the downside, there is a strong support formed near $0.4350. There is also a major bullish trend line with support at $0.4340 on the same chart. If there is a downside break below $0.4300, ripple price could start a major decline. In the mentioned bearish case, XRP price could test the $0.4200 support area in the near term.
The market data is provided by TradingView, Bitfinex.
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