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The price of the ripple dropped sharply from the low of $ 0.5261. The XRP / USD is currently trading near a crucial support zone at $ 0.4700, which is likely to record losses
- The price of the ripple fell recently under the $ 0.5000 support area.
- There was a break below an important uptrend line at $ 0.5060 on the 30-minute chart.
- The XRP price is likely to recover as long as it is above the support area of $ 0.4700.
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Price analysis of undulations
Recently, there was a good recovery from the support area of $ 0.4700 in ripple. During the recovery, the price was trading above the resistance levels of $ 0.5000 and $ 0.5200.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair even traded above the $ 0.5300 level and reached a maximum of $ 0.5312. Subsequently, there was a downward correction and the price fell below the $ 0.5200 support.
An intermediate high was formed at $ 0.5261 and the price stabilized below the 25-minute (30-minute) moving average. Also, there was a break below an important uptrend line at $ 0.5060 on the same chart.
Subsequently, the price fell below the $ 0.5000 support and tested the next key support area between $ 0.4700 and $ 0.4800. The declared support area of $ 0.4700 is significant since it has acted as a barrier to sellers on many occasions.
Therefore, there are chances that the price can recover beyond the levels of $ 0.4900 and $ 0.5000. An initial resistance is close to the Fib retracement level of 23.6% from the recent decline from the low of $ 0.5261 to $ 0.4740 low.
However, the main resistance waits near the $ 0.5050 level and the 25 SMA level. More importantly, the 50% Fibra retracement level of the recent decline from the low of $ 0.5261 to $ 0.4740 minimum is $ 0.5001 to act as a solid resistance.
If there is a positive close above the resistance of $ 0.5000 and $ 0.5050, the price may resume its move upwards. Conversely, if buyers fail to push the price above the $ 0.4900 and $ 0.5000 levels, there could be more losses in the short term. The next major support is $ 0.4700, below which the price of ripple may fall to the $ 0.4500 level.
Market data is provided by TradingView, Bitfinex.
