Ripple price is trading with a positive bias above $0.4575. XRP/USD buyers need to clear the $0.4680 resistance for an upward move towards $0.4780.
- Ripple price has formed a solid support base near $0.4575 level.
- An ascending channel is formed with support near the $0.4610 level on the 30-minute chart.
- XRP price remains buy on dips near the $0.4600 and $0.4610 levels.
Ripple Price Analysis
After trading above the $0.4800 level, ripple price started a downside correction below the $0.4700 level. The price traded below the $0.4640 and $0.4600 levels before buyers appeared near the $0.4580 level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.4566 recently and later started trading in a range. The chart suggests that there is a solid support base formed near $0.4575 level.
Recently, the price moved higher and broke the $0.4620 level and the 25 simple moving average (30-minute). Moreover, there was a break above the 23.6% Fib retracement level of the last decline from the $0.4853 high to $0.4566 low.
However, the price was not able to stay above the $0.4660 level and later revisited the $0.4640 level and the 25 SMA. At the outset, there is an ascending channel formed with support near the $0.4610 level on the same chart.
If the price dips from the current levels, it could find support near the $0.4610 level. Below the channel support, the price may well revisit the key $0.4575 support area.
On the upside, there is a strong resistance formed near $0.4680, channel’s upper trend line, and a bearish trend line. Therefore a proper break and close above the $0.4680 level could push the price back in a positive zone.
The next resistance is near the $0.4700 level and the 50% Fib retracement level of the last decline from the $0.4853 high to $0.4566 low. Above $0.4700, ripple price will most likely revisit the $0.4840 swing high in the near term. On the flip side, a downside break below $0.4610 and $0.4575 may ignite sharp bearish moves.
The market data is provided by TradingView, Bitfinex.
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