Ripple (XRP) Price Analysis: Downside Thrust Before Fresh Upside

Ripple XRP Price

Ripple price started a short term correction and traded below $0.5500. XRP/USD is currently trading near the key $0.5275 and $0.5200 support.

  • Ripple price traded higher towards the $0.5700 level before sellers emerged.
  • There was a break below a major bullish trend line at $0.5450 on the 30-minute chart.
  • XRP price is currently trading near a few important supports such as $0.5275 and $0.5200.

Ripple XRP Price

Ripple Price Analysis

Yesterday, we discussed that a break above $0.5200 and $0.5250 may well push ripple price towards $0.5500. The price did move past $0.5200, broke the $0.5500 resistance, and traded to a new monthly high.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair formed a support base near the $0.5200 level and the 25 simple moving average (30-minute). A fresh upside wave was initiated and the price rallied above the $0.5500 and $0.5600 levels.

The price traded as high as $0.5700 before sellers emerged. Later, the price started a downside correction and traded below the $0.5560 level and the 50% Fib retracement level of the recent upside from the $0.5041 low to $0.5700 high.

Moreover, there was a break below the $0.5350 support and the 25 simple moving average (30-minute). However, the price is currently testing the $0.5300 support and the 61.8% Fib retracement level of the recent upside from the $0.5041 low to $0.5700 high.

It seems like there could be a downside push towards the $0.5200 support before buyers take control once again. On the upside, a break above the $0.5480 level is needed for uptrend continuation.

Above $0.5480 and $0.5500, the price will most likely revisit the $0.5700 swing high. The final target for buyers above $0.5700 could be near the key $0.6000 resistance level, above which the price may test $0.6200.

Overall, the current price action is positive above the $0.5275 and $0.5200 support levels in ripple. As long as the $0.5200 support is intact, XRP is likely to bounce back above the $0.5480 and $0.5500 resistance levels in the coming sessions.

The market data is provided by TradingView, Bitfinex.

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