Ripple Price Analysis: XRP/USD Rally Exhausted, Buy Zones Analyzed

Ripple Price Analysis
Ripple Price Analysis Chart source by TradingView

Ripple Price Analysis: XRP/USD Rally Exhausted, Buy Zones Analyzed

Ripple price surged higher and broke the $0.5500 resistance area against the US Dollar. XRP/USD is correcting sharply lower, but there are many supports near $0.5100.

Key Takeaways:

  • Ripple price surged higher recently and traded close to the $0.5700 level.
  • XRP/USD broke a major triangle resistance near $0.4600 on the 4-hours chart.
  • XRP is currently correcting lower, but it could find support near $0.5100.

Ripple Price Analysis

A major upward move started from the $0.4380 support area in ripple price against the US Dollar. XRP/USD surged higher and broke many resistances on the way up, including $0.5100 and $0.5500.

The 4-hours chart indicates that the price formed a solid support near $0.4380 and rallied above the 100 simple moving average (4-hours) to move into a bullish zone.

Ripple Price Analysis
Ripple Price Analysis Chart source by TradingView

It broke a major triangle resistance near $0.4600 on the same chart to start the upward move. Buyers were successful in clearing the $0.4980 and $0.5100 resistance levels, which is an important bullish signal.

The price traded above the $0.5500 level and almost tested the $0.5700 level. A new monthly high was formed at $0.5692 and later the price corrected lower. It recently moved below the 23.6% Fib retracement level of the recent wave from the $0.4506 low to $0.5692 high.

However, the current wave is likely to find a solid support near the $0.5100 level, which was a resistance earlier. It also coincides with the 50% Fib retracement level of the recent wave from the $0.4506 low to $0.5692 high.

Below $0.5100, the next key support is near the $0.4980 level. As long as the price is above $0.4980, it remains supported for further upsides. On the upside, an immediate resistance is at $0.5650 followed by $0.5700, above which the price could accelerate higher towards the $0.5950 level.

The overall price action is very bullish and it seems like ripple price moved sharply into a bullish zone above $0.5000. In the short term, there could be bearish or corrective moves, but XRP remains supported near the $0.5100 and $0.4980 levels.

Summary
Ripple Price Analysis: XRP/USD Rally Exhausted, Buy Zones Analyzed
Article Name
Ripple Price Analysis: XRP/USD Rally Exhausted, Buy Zones Analyzed
Description
Ripple price surged higher and broke the $0.5500 resistance area against the US Dollar. XRP/USD is correcting sharply lower, but there are many supports near $0.5100.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

Post your comment...
Latika Mehrotra 71 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

Follow Latika @