Ripple price is still in an uptrend as long as it is above $0.4180 against the US Dollar. XRP/USD could rise again once if there is a break above the $0.4520 resistance.
- Ripple price recently topped at $0.4738 and later started a downside correction.
- XRP/USD is currently following a bullish flag pattern with resistance at $0.4520 on the 4-hours chart.
- XRP price could decline further, but the $0.4180 area could act as a strong support.
Ripple price analysis
After forming a major bottom near the $0.3700 level, ripple price moved higher above the $0.4000 resistance. XRP/USD traded above the $0.4200 resistance and a crucial bearish trend line to move into a positive zone.
The daily chart of XRP/USD indicates that the price even gained traction above the $0.4500 level and the 50 simple moving average (4-hours). However, the price failed near the $0.4740 zone and formed a high at $0.4738.
Later, the price started a downside correction and declined below the $0.4500 level. There was also a break below the 23.6% Fib retracement level of the last wave from the $0.3849 low to $0.4738 high.
However, the price is still placed above important supports such as $0.4200 and $0.4180. At the outset, the price is following a bullish flag pattern with resistance at $0.4520 on the same chart.
It seems like the pair may continue to move down towards the flag support at $0.4200. More importantly, the main support is near $0.4180 and the 61.8% Fib retracement level of the last wave from the $0.3849 low to $0.4738 high.
Therefore, if the price dips from the current levels, buyers are likely to take a stand near $0.4200 or $0.4180. If they fail to defend the $0.4180 support area, the price may well revisit the $0.3840 swing low in the near term.
On the upside, ripple price must break the flag resistance at $0.4520 to move back in a positive zone. Above the flag resistance, the price could trade higher towards the $0.4740 and $0.4800 resistance levels in the coming days.