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Ripple price is forming a triple bottom pattern near $0.4275 against the US Dollar. XRP/USD may perhaps trade higher if it continues to hold $0.4275.
Key Takeaways:
- Ripple buyers successfully defended the $0.4275 support once again.
- A connecting bearish trend line is formed with resistance near $0.4580 on the 4-hours chart.
- As long as XRP price is above the $0.4275 support, it could bounce back in the near term.
Ripple Price Analysis
This week, ripple price dipped once again and traded below the $0.4400 level against the US Dollar. However, the $0.4275 area acted as a strong support and sparked a solid buying interest in XRP/USD.
The 4-hour chart indicates that the price formed a support base near the $0.4275 level and jumped higher. It traded above the $0.4480 level and the 23.6% Fib retracement level of the last major downside move from the $0.5247 high to $0.4268 low.
However, the upside move was protected by the 100 SMA (4-hours) and the $0.4640 level. A rejection pattern was formed and the price dipped again. It seems like the price failed to breach the 38.2% Fib retracement level of the last major downside move from the $0.5247 high to $0.4268 low.
More importantly, there is a connecting bearish trend line formed with resistance near $0.4580 on the same chart. The price is currently moving lower towards the all-important $0.4275 support area.
The chart also indicates that ripple sellers failed on three occasions to break the $0.4275 support area. Therefore, there are high chances of XRP forming a triple bottom pattern near $0.4275.
To validate the pattern, ripple price has to move above the trend line, $0.4650, and the 100 SMA. Finally, a close above the 50% Fib level at $0.4758 will most likely push the price in a bullish territory.
The next targets in the mentioned scenario could be $0.5000 and $0.5200. Above this last, the price may well surge toward the $0.5500 barrier.
On the other hand, if ripple buyers fail to keep the price above the $0.4275 level, there may possibly be a sharp selloff. The next crucial supports on the downside are at $0.4100 and $0.4000.
Overall, traders need to keep a close watch on the $0.4275 support for the next move in ripple price in the near term.
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