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 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.
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.
The post Ripple (XRP) Price Analysis: Downside Thrust Before Fresh Upside appeared first on Blockonomi.