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The price of the ripple dropped significantly and broke the support of $ 0.4575. XRP / USD found support close to $ 0.4350 and rebounded sharply above $ 0.4470.
- The price of the ripple stabilized below the key support near the $ 0.4575 level.
- During the decline, there was a break below a triangular support greater than $ 0.4620 on the 30-minute chart.
- The XRP price is currently recovering over $ 0.4480 and the 25-minute (30-minute) moving average.
Price analysis of undulations
After topping near the $ 0.4680 level, the price of ripple started a big downward move. The price was trading below the support levels of $ 0.4620 and $ 0.4575 to move to a bearish zone.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair faced greater selling pressure after breaking support levels of $ 0.4575 and $ 0.4500. It was reduced to $ 0.4300 and canceled the moving average to 25 simple (30 minutes).
The price traded from $ 0.4350 and then started a decent recovery. Buyers were aggressive and pushed the price above the $ 0.4500 level and the SMA 25 level. XRP even exceeded the 50% fiber retracement level of the last decline, from $ 0.4680 upwards to $ 0.4351 below.
However, there are many upward obstacles for buyers around the levels of $ 0.4580 and $ 0.4575. More importantly, previous support near the $ 0.4575 level will probably act as a strong resistance.
An intermediate resistance is close to $ 0.4550 and the Fib retracement level of 61.8% from the last decline from $ 0.4680 high to $ 0.4351 low. The price is currently shrinking and could retest the $ 0.4470 level and the 25 SMA.
DIPs at current levels are likely to find offers near the levels of $ 0.4470 and $ 0.4450. If buyers can not keep the price above the $ 0.4450 level, there may be a new decline to the last minimum at $ 0.4350.
Overall, the ripple price found strong support near $ 0.4350 and recovered. That said, buyers are facing an uphill task near resistance levels of $ 0.4550 and $ 0.4575. To return to a positive zone, the price must exceed the levels of $ 0.4575 and $ 0.4600.
Market data is provided by TradingView, Bitfinex.
