The price of ripple failed once again to break resistance at $ 0.5350 and declined. XRP / USD is currently trading near a major support level at $ 0.5110.
- The price of the ripple was again rejected near the resistance of $ 0.5350.
- There was an interruption below an uptrend line at $ 0.5200 on the 30-minute chart.
- The XRP price must remain above the support levels of $ 0.5110 and $ 0.5100 to recover.
Price analysis of undulations
Yesterday we discussed a decent support formation near the $ 0.5180 level in ripple for a new upward move. The price has risen above $ 0.5250 and $ 0.5300, but has been rejected again close to the resistance of $ 0.5350.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair traded near the low of $ 0.5352 and reached a maximum of $ 0.5342. It seems that a short-term double-top model has been formed close to $ 0.5350, with a bearish wave below the $ 0.5280 level.
The price fell below the $ 0.5200 support and the 25 simple (30 minute) moving average. Also, there was a break below the 50% Fibra retracement level of the last leg, from $ 0.4977 down to $ 0.5352 up.
More importantly, the price has exceeded an uptrend line at $ 0.5200 on the same chart, opening the door to further losses. Sellers have even pushed the price under the $ 0.5180 support area. Finally, buyers appeared near the $ 0.5100 support area and at the Fib retracement level of 61.8% at the last leg, from $ 0.4977 downwards to $ 0.5352 in high.
The price is consolidating above the $ 0.5110 level, but must break the 25 SMA to start a new upward move. Above $ 0.5200 and 25 SMA, the price could rise higher towards the $ 0.5350 resistance again.
Conversely, if buyers fail to push the price above $ 0.5200 and 25 SMA, there could be more declines below the $ 0.5100 support. In the case cited, the price of ripple could fluctuate under the support area of $ 0.5000 to test the last line of defense close to the minimum of $ 0.4970.
Market data is provided by TradingView, Bitfinex.