Ripple Price Analysis: XRP/USD Back in Uptrend After ABC Correction

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Ripple Price Analysis: XRP/USD Back in Uptrend After ABC Correction

Ripple price completed a perfect ABC correction near $0.3700 against the US Dollar. XRP/USD is likely back in an uptrend and it could continue to move higher.

Key takeaways

  • Ripple price completed the key ABC correction pattern near the $0.3540 support.
  • XRP/USD broke a major declining channel with resistance at $0.4300 on the 4-hours chart.
  • XRP price is currently placed nicely in an uptrend above the $0.4320 support level.

Ripple price analysis

In the last analysis, we discussed a crucial ABC correction pattern from the $0.7800 swing high in ripple price against the US Dollar. XRP/USD followed the highlighted wave structure perfectly and declined below the $0.4330 support to complete the pattern.

The 4-hour chart indicates that the price traded close to the $0.3540 support area to complete the C wave. A new monthly low was formed near $0.3720 before the price started a fresh upward move.

Ripple
Chart sourced by TradingView, Binance.

The price climbed higher and broke the $0.4320 resistance plus the 23.6% Fib retracement level of the last drop from the $0.6297 high to $0.3720 swing low.

More importantly, the price surpassed a major declining channel with resistance at $0.4300 on the same chart. It cleared the path for more gains and the price jumped above $0.4500 and $0.4800 levels.

It tested the key resistance area near $0.5200 and the 50% Fib retracement level of the last drop from the $0.6297 high to $0.3720 swing low. Moreover, the 100 simple moving average (4-hours) near the $0.5000 level also acted as a resistance.

The price is currently consolidating above the $0.4320 support and it is likely preparing for the next move. Once there is a break above the $0.5000 and $0.5150 resistance levels, the price is likely to accelerate gains above the $0.5550 level in the near term.

Overall, ripple price is currently placed nicely in an uptrend above the $0.4320 and $0.4100 supports. As long as there is no break below the last swing low, there are high possibilities of an upside continuation above the $0.5000 level in the coming days.

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Ripple Price Analysis: XRP/USD Back in Uptrend After ABC Correction
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Ripple Price Analysis: XRP/USD Back in Uptrend After ABC Correction
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Ripple price completed a perfect ABC correction near $0.3700 against the US Dollar. XRP/USD is likely back in an uptrend and it could continue to move higher.
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COINGAPE
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Latika Mehrotra 53 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]

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