Ripple price rallied sharply above $0.5000 and topped near the $0.5100 level. Recently, it declined heavily, tested $0.4475 ad XRP to USD is currently correcting towards key resistances.
- There was a sharp correction from the $0.5100 high to $0.4469 low.
- XRP is facing a strong resistance near $0.4750 and a bearish trend line on the 30-minute chart.
- Ripple price might struggle to gain strength above the $0.4750 and $0.4800 resistances in the near term.
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Ripple Price Analysis (XRP to USD)
After bitcoin’s rally, ripple price joined the party and surged above the $0.4600 and $0.4850 levels. The upward move was strong since there was a break above the key $0.5000 level and XRP to USD traded to a new multi-month high at $0.5100.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair faced a strong resistance near $0.5100 and it failed to stay above the $0.5000 level. As a result, there was a sharp decline below the $0.5000 and $0.4850 levels.
The price even broke the $0.4750 support and settled below the 25 simple moving average (30-minute chart). A swing low was formed at $0.4469 and the price is currently correcting higher.
It is trading above the $0.4550 level, but facing resistance near $0.4680. The 25 simple moving average (30-minute chart) and the 50% Fib retracement level of the latest drop from the $0.4890 high to $0.4469 low are also near the $0.4680 resistance.
Moreover, there is a strong resistance forming near $0.4750 and a bearish trend line on the same chart. The 61.8% Fib retracement level of the latest drop from the $0.4890 high to $0.4469 low is also near the $0.4730 to act as a barrier for the bulls.
If there is an upside break above the $0.4730 and $0.4750 levels, ripple price could start a strong upward move.
The next key resistances are $0.4950 and $0.5000, above which XRP may even climb above the $0.5100 high. On the downside, the main supports for the bulls are near $0.4520 and $0.4475.
The market data is provided by TradingView, Bitfinex.
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