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The price of undulation declined and tested the support area of $ 0.4980. The XRP / USD is currently consolidating over $ 0.5000 and is preparing for the next move.
- The ripple price is keeping key support around the $ 0.4980 level.
- There is a downtrend line formed with resistance at $ 0.5150 on the 30-minute chart.
- The XRP price may continue to consolidate above $ 0.5000 before the next move.
Price analysis of undulations
Recently, there was a downward reaction under the support of $ 0.5280 in ripple. It traded below the $ 0.5100 support and tested the support area of $ 0.4950-0.4980.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair found a strong buying interest near the $ 0.4950 level and then started a short-term recovery. It has moved above the $ 0.5150 level and the 25 simple (30 minute) moving average.
Also, there was a break above the 23.6% fiber retracement level of the recent downtrend from the low of $ 0.5463 to $ 0.4935 low swing. However, the recovery faced a solid obstacle near the $ 0.5210 level.
The price also failed to surpass the Fibra 50% retracement level of the recent downward movement, from the low of $ 0.5463 to $ 0.4935 low oscillating. Subsequently, there were a couple of attempts to overcome the resistance of $ 0.5200, but buyers have failed.
As a result, there were a couple of bearish moves, but the price remained above $ 0.4980 and $ 0.5000 support levels. At the top, there is a downtrend line formed with resistance at $ 0.5150 on the same chart.
Above the trend line, there is a strong resistance formed near $ 0.5210. If there is a positive closing above the trend line and $ 0.5200, the price will most likely start a new rise towards the levels of $ 0.5400 and $ 0.5500.
On the downside, the main support is close to the $ 0.4980-0.5000 zone. If sellers gain strength below $ 0.4980, the price could fall sharply below the $ 0.4850 level in the near term. Overall, the ripple price seems to consolidate above the key support of $ 0.4980 and prepare for the next move.
Market data is provided by TradingView, Bitfinex.
