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The price of the ripple failed to keep the ground above the support of $ 0.4700 and declined. XRP / USD has tested support for $ 0.4100 and is currently consolidating losses.
- The price of the ripple fell below support levels of $ 0.4700 and $ 0.4650.
- There is a key linking the downtrend line formed with resistance to $ 0.400 on the 30-minute chart.
- The XRP price could fall sharply if there is a bearish break below the $ 0.4100 support.
Price analysis of undulations
Yesterday, the ripple price remained above the $ 0.4700 support during the sharp decline in bitcoin. However, the sellers finally got control and pushed the price below the support levels of $ 0.4700 and $ 0.4650.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair dropped sharply and traded below support levels of $ 0.400 and $ 0.400. The price is trading at $ 0.4118 and has stabilized below the 25-minute (30-minute) moving average.
Subsequently, there was a bullish correction above $ 0.4500 and $ 0.4600, but buyers failed to get traction greater than $ 0.4850. As a result, a new decline occurred and the price returned to the support zone of $ 0.4100.
An intraday low has been formed at $ 0.4181 and the price is currently undergoing consolidation. Recently it broke the $ 0.4350 level and the Fib retracement level 23.6% from the recent decline from $ 0.4875 high to $ 0.4181 low.
However, there is a solid resistance formed near the $ 0.4600 level. Furthermore, there is a key linking the bearish trend line formed with resistance to $ 0.4600 on the same chart. Below the trendline, Fibra's 50% retracement level of the recent decline from the low of $ 0.4875 to $ 0.4181 is $ 0.4520.
Therefore, an adequate break above the resistance of $ 0.4600 is needed for a decent recovery to the levels of $ 0.4850 and $ 0.5000. Above $ 0.5000, the price could further adjust towards the $ 0.5100 level.
On the downside, the main support is $ 0.4100, below which the price may fall sharply to $ 0.4000 or $ 0.3800. Overall, ripple could consolidate above $ 0.4100 before the next move above $ 0.4600 or below $ 0.4100.
Market data is provided by TradingView, Bitfinex.
