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The price of the ripple was traded higher recently above $ 0.4750. The XRP / USD is currently correcting further down towards the $ 0.4600 support area, where buyers are likely to appear.
- The price of the ripple is positioned well in a bullish zone above the support level $ 0.400.
- C & # 39; is a short-term contractual triangle with support for $ 0.4610 on the 30-minute chart.
- The XRP price remains well supported on the negative side near the levels of $ 0.4610 and $ 0.4600.
Price analysis of undulations
After trading starting at $ 0.4492, the ripple price reacted to the upside and broke resistance levels of $ 0.4505 and $ 0.4590. The price gained momentum and even exceeded the levels of $ 0.4620 and $ 0.4750.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair traded at $ 0.4785 and then started a downward correction. It fell under the support of $ 0.4720 and the 25-minute (30-minute) moving average.
The price has recently tested the 50% Fibra retracement level of the last wave from the low of $ 0.4492 to $ 0.4785, which served as support.
At the outset, there is a short-term contractual triangle with support for $ 0.4610 on the 30-minute chart. If the pair declines further, the support for the triangle near $ 0.4610 will probably act as a strong support for buyers.
In addition, the Fib retracement level of 61.8% of the last wave from the low of $ 0.4492 to $ 0.4785 was placed near the $ 0.4603 level to avoid dips. Furthermore, the levels of $ 0.4600 and $ 0.4590 are also important supports (the previous resistances).
Therefore, if sellers push the price even lower, buyers are likely to be close to $ 0.4610 or $ 0.4600. On the upside, the price must break the resistance of the triangle near $ 0.4680 to return to a positive zone.
Above the resistance of the triangle, the next resistance is $ 0.4700, above which the price will most likely return to the $ 0.4780 level. If the price of ripple were to remain in an uptrend, it could test the $ 0.5000 level this week, which is a crucial obstacle for buyers.
Market data is provided by TradingView, Bitfinex.
