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The ripple accelerated higher after breaking the resistance of $ 0.4650. XRP / USD buyers have control and it seems that more earnings are likely to be higher than $ 0.5200 and $ 0.5500.
- The price of undulations accelerated gains and broke resistance levels of $ 0.4800 and $ 0.4950.
- The short-term contractual triangle followed by yesterday was exceeded at $ 0.4680 on the 30-minute chart.
- The price of XRP is currently moving higher and could accelerate gains above $ 0.5200.
Price analysis of undulations
Yesterday we saw a breakout model with resistance close to $ 0.4680 and $ 0.4700 for the ripple price. Buyers have gained control recently, which resulted in a bullish break above the resistance levels of $ 0.4800 and $ 0.4950.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair found a strong buying interest near the $ 0.4650 level and then started an upward move. The price went up and passed the resistance of $ 0.4700 and the moving average to 25 simple (30 minutes).
The upward move began after the short-term bargaining triangle followed by yesterday was exceeded at $ 0.4680 on the same chart. The price rose higher and even broke the $ 0.5000 barrier. It sold up to $ 0.5193 before the sellers appeared.
A short-term downward correction began and the price fell below $ 0.5100 and the Fib retracement level 23.6% from the last wave from $ 0.4823 low to $ 0.5193 high.
However, the price found support near a linking trend line, which acted as resistance earlier at $ 0.5050. At the moment, the price is moving higher towards the swing of $ 0.5190, above which the price could exceed the resistance of $ 0.5200.
The downside, if there is an extended correction, the price can test the $ 0.5000 support area. The 50% fiber retracement level of the last wave from the low of $ 0.4823 to $ 0.5193 is also close to the $ 0.5000 area to serve as solid support.
Therefore, the drops in the ripple price are likely to find strong support near the levels of $ 0.5050 and $ 0.5000. On the upside, a break above $ 0.5200 and $ 0.5250 could push the price towards $ 0.5500 in the next few sessions.
Market data is provided by TradingView, Bitfinex.
