Ripple (XRP) Price Analysis: On a Bullish Path, Further Gains Seem Likely
Ripple price is following a bullish path and it recently broke the $0.4700 resistance. XRP is likely to continue higher and it could rise sharply above the $0.4800 resistance.
- There was a steady rise after ripple price tested the $0.4460 support area.
- XRP broke a bearish trend line at $0.4705 and it is testing another at $0.4740 on the 30-minute chart.
- The bulls are likely to remain in action and there could be more upsides above $0.4800.
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Ripple Price Analysis (XRP to USD)
In the past few hours, bitcoin price regained strength above $11,000 and lifted the market sentiment for both Ethereum and ripple. XRP price remained well bid above $0.4500 and it recently traded above the $0.4600 resistance level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair formed a swing low at $0.4462 and it recently traded above the $0.4600 level. There was even a close above the $0.4620 level plus the 25 simple moving average (30-minute chart).
The bulls even pushed the price above the 50% Fib retracement level of the drop from the $0.4890 high to $0.4462 low. Moreover, the price surpassed a major bearish trend line at $0.4705.
It opened the doors for more gains and the price tested the $0.4780 area and another bearish trend line on the same chart. The price topped at $0.4779 and it is currently correcting lower.
Ripple traded below the $0.4720 level and the 23.6% Fib retracement level of the recent wave from the $0.4462 low to $0.4779 high. However, the $0.4700 level is acting as a support along with the 25 simple moving average (30-minute chart).
On the upside, a break above the trend line and $0.4800 could boost the market sentiment. In the mentioned case, the price is likely to start a fresh increase towards the $0.5000 level. An intermediate resistances are near $0.4880 and $0.4940.
The overall market sentiment is positive, with bullish moves in bitcoin, ripple, ether, cardano and other major cryptocurrencies. Therefore, XRP is likely to steadily rise towards $0.5000 in the near term.
The market data is provided by TradingView, Bitfinex.
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