The price of the ripple has undergone a turnaround after having tagged the $ 0.4440 support area recently. The XRP / USD has rallied above $ 0.4700 and is currently trading north.
- The price of the ripple rose sharply after plunging at $ 0.4444 recently.
- Buyers pushed the price over a crucial bearish trend line near $ 0.4580 on the 30-minute chart.
- The XRP price is currently positioned well above the $ 0.4650 support and the 25 simple (30 minute) moving average.
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Price analysis of undulations
Yesterday we discussed the fact that the ripple could approach the next major break with supports close to $ 0.4530 and $ 0.4400. The price fell below the support of $ 0.4530, but buyers appeared near $ 0.4440 and thereafter there was a strong upward pressure.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair broke down once under the support of $ 0.4530 and a connection channel support. However, losses were limited as buyers protected the $ 0.4400 support area.
Low-fluctuation was formed at $ 0.4444 and the price started a sharp upward climb. It broke the resistance area of $ 0.4530 and surpassed the moving average at 25 simple (30 minutes).
In addition, buyers pushed the price above a crucial downtrend line near $ 0.4580, opening the door for further gains. There was a decent rally above $ 0.4700 and $ 0.4800 levels. The price traded up to $ 0.4855 and subsequently corrected lower.
It has moved below the Fib retracement level to 23.6% of the recent run, from $ 0.4452 down to $ 0.4855 up. However, the downturns were limited as the losses protected by the $ 0.4650 support.
In addition, even the 50% Fibra retracement level of the recent run from the low of $ 0.4452 to the $ 0.4855 has remained intact. In the beginning, the price is moving north with a bullish angle above the $ 0.4750 level.
As long as the price is trading above the support levels of $ 0.4700 and $ 0.4650, there may be additional gains. In the above case, the price could rise to a new weekly high above the $ 0.4855 level.
Overall, the price of ripple is back in a positive zone above $ 0.4700 and the average moving at 25 simple (30 minutes), and there are possibilities for further increases in the short term.
Market data is provided by TradingView, Bitfinex.