Ripple Price Analysis: XRP/USD Could Extend ABC Correction

ripple

Ripple Price Analysis: XRP/USD Could Extend ABC Correction

“Beginning

Ripple price is correcting lower from the $0.7985 swing high against the US Dollar. XRP/USD could correct further towards $0.4000 or $0.3500 before an upside drift.

Key takeaways

  • Ripple price is currently correcting lower from the $0.7985 swing high.
  • XRP/USD is following a declining channel with resistance at $0.5010 on the 4-hours chart.
  • XRP price is likely to dip a few more points before it may recover above $0.6000.

Ripple price analysis

During the past few days, there was a bearish reaction below the $0.6000 support in ripple price against the US Dollar. XRP/USD declined recently and traded below the $0.5000 support level, and it is currently following a bearish structure.

The 4-hour chart indicates that the price started an ABC correction wave from the $0.7985 swing high. The first wave completed at $0.4365 and the second wave ended near the $0.6170 level.

Ripple
Chart sourced by TradingView, Binance.

During the second wave, the price moved above the 38.2% Fib retracement level of the last drop from the $0.7985 high to $0.4365 low. However, the upside move was protected by the $0.6000-0.6150 resistance zone.

The price started the third wave of the ABC correction and declined below the $0.5500 support plus the 100 simple moving average (4-hours). It seems like the price was rejected from the 50% Fib retracement level of the last drop from the $0.7985 high to $0.4365 low.

Ideally, the third wave could end below the first wave low, which means there is a chance of a downside break below the $0.4365 low. At the outset, the price is following a declining channel with resistance at $0.5010 on the same chart.

Also, read: XRP Lauded by WTO as it Believes Cryptocurrencies can Transform Global Commerce

There are two possible scenarios, first – the price breaks the channel resistance resumes it uptrend towards the $0.5500 and $0.6000 resistance levels. Second, the price extends its slide and declines below the $0.4365 low to complete the C wave.

Overall, ripple price is still in a medium-term uptrend as long as the $0.3500 pivot and crucial support area are intact. On the upside, the main hurdles for buyers are near the $0.5250, $0.5500 and $0.6000 resistance levels.

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Ripple Price Analysis: XRP/USD Could Extend ABC Correction
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Ripple Price Analysis: XRP/USD Could Extend ABC Correction
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Ripple price is correcting lower from the $0.7985 swing high against the US Dollar. XRP/USD could correct further towards $0.4000 or $0.3500 before an upside drift.
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COINGAPE
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Latika Mehrotra 38 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.

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