Ripple price fell significantly and broke the $0.4575 support. XRP/USD found support near $0.4350 and bounced back sharply above $0.4470.
- Ripple price settled below the key support near the $0.4575 level.
- During the decline, there was a break below a major triangle support at $0.4620 on the 30-minute chart.
- XRP price is currently recovering above $0.4480 and the 25 simple moving average (30-minute).
Ripple Price Analysis
After topping near the $0.4680 level, ripple price started a major downside move. The price traded below the $0.4620 and $0.4575 support levels to move into a bearish zone.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair faced an increased selling pressure after it broke the $0.4575 and $0.4500 support levels. It declined towards $0.4300 level and cleared the 25 simple moving average (30-minute).
The price traded as low as $0.4350 and later it started a decent recovery. Buyers were aggressive and pushed the price back above the $0.4500 level and the 25 SMA. XRP even spiked above the 50% Fib retracement level of the last decline from the $0.4680 high to $0.4351 low.
However, there are many barriers on the upside for buyers around the $0.4580 and $0.4575 levels. More importantly, the previous support near the $0.4575 level is likely to act as a strong resistance.
An intermediate resistance is near $0.4550 and the 61.8% Fib retracement level of the last decline from the $0.4680 high to $0.4351 low. The price is currently moving lower and it could retest the $0.4470 level and the 25 SMA.
Dips from the current levels are likely to find bids near the $0.4470 and $0.4450 levels. If buyers fail to keep the price above the $0.4450 level, there could be a fresh decline towards the last swing low at $0.4350.
Overall, ripple price found a strong support near $0.4350 and recovered. Having said that, buyers are facing an uphill task near the $0.4550 and $0.4575 resistance levels. To move back into a positive zone, the price must surpass the $0.4575 and $0.4600 levels.
The market data is provided by TradingView, Bitfinex.
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