Ripple price recently corrected above $0.4500, but it failed to gain momentum. XRP/USD is currently consolidating with bearish moves below $0.4490.
- Ripple price is consolidating above the $0.4420 and $0.4350 support levels.
- There is a flag pattern forming with resistance near $0.4490 on the 30-minute chart.
- XRP price could dip towards the $0.4350 support before it could correct further higher.
Ripple Price Analysis
After trading as low as $0.4350, ripple price started an upside correction. The price recovered above the $0.4400 and $0.4450 levels, but buyers failed to hold gains above the $0.4500 level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair recovered nicely above the $0.4500 level and the 25 simple moving average (30-minute). During the upside, there was a break above a contracting triangle with resistance at $0.4480.
It traded as high as $0.4534 and later declined below the $0.4500 level. Sellers pushed the price below the 23.6% Fib retracement level of the recent recovery from the $0.4351 low to $0.4534 high.
The price declined further and tested the $0.4440 level plus the 50% Fib retracement level of the recent recovery from the $0.4351 low to $0.4534 high, which acted as a support. At the outset, there is a flag pattern forming with resistance near $0.4490 on the same chart.
It seems like the pair could dip once again towards the $0.4440 or $0.4420 support levels. As long as the $0.4420 and $0.4400 levels are intact, the price is likely to bounce back towards $0.4500 and $0.4540.
The overall trend is still bearish unless ripple buyers push the price above the $0.4575 pivot level. If not, once the current correction is complete, the price may well decline to revisit the $0.4350 level in the near term.
Conversely, if ripple price settles above the $0.4575 pivot level, it will most likely move back in a bullish zone. The next key hurdles for buyers are near $0.4610 and $0.4640. On the downside, a break below the $0.4350 support could push the price below $0.4200.
The market data is provided by TradingView, Bitfinex.
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