Ripple (XRP) Price Analysis: Technical Indicators Suggest Bullish Continuation

Ripple price started a strong rally from the $0.3920 swing low and climbed above $0.4150 and $0.4300. XRP remains in a steady uptrend and it could continue to grind higher towards $0.4550 and $0.4720.

• The price is trading nicely above the $0.4260 and $0.4150 support levels.
• XRP is placed well above a crucial bullish trend line with support near $0.4260 on the 30-minute chart.
• Ripple price recently cleared a connecting bearish trend line at $0.4310 on the same chart.

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Ripple Price Analysis (XRP to USD)

Recently, there were sharp gains in bitcoin price, Ethereum price and ripple price. XRP/USD started a steady rise from the $0.3920 support area, and climbed above $0.4150, $0.4260, $0.4320 and $0.4400.

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair settled above the $0.4200 support and the 25 simple moving average (30-minute chart). A new multi-day high was formed at $0.4440 before the price started a downside correction.

It corrected below the $0.4320 support and even spiked below the $0.4200 level. A swing low was formed at $0.4198, and the price recovered above $0.4260 plus the 25 simple moving average (30-minute chart).

The price traded above the 50% Fib retracement level of the recent downside correction from the $0.4440 high to $0.4198 low.

Moreover, the price cleared a connecting bearish trend line at $0.4310 on the same chart. On the upside, an immediate resistance is near the $0.4350 level and the 61.8% Fib retracement level of the recent downside correction from the $0.4440 high to $0.4198 low.

If there is an upside break above the $0.4350 resistance, the price could continue to rise towards $0.4400 or even $0.4440. If the bulls manage to gain strength above $0.4400, there are chances of further upsides towards $0.4550 or even $0.4720.

On the downside, there are many supports near $0.4260. There is also a crucial bullish trend line forming with support near $0.4260. Therefore, ripple price remains well supported and XRP/USD is likely to climb above $0.4350, $0.4400 and $0.4440 in the near term.

The market data is provided by TradingView, Bitfinex.

   

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