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The ripple price was recently adjusted above $ 0.45, but failed to gain momentum. The XRP / USD is currently consolidating with downward moves below $ 0.4490.
- The price of the ripple is consolidating above the support levels of $ 0.4420 and $ 0.4350.
- There is a flag pattern that is formed with a resistance close to $ 0.4490 on the 30-minute chart.
- The XRP price could decrease to $ 0.4350 support before it could be corrected further.
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Price analysis of undulations
After trading starting at $ 0.4350, the ripple price started an upward correction. The price exceeded the levels of $ 0.4400 and $ 0.4450, but buyers failed to maintain gains above the $ 0.4500 level.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair recovered well above the $ 0.4500 level and the 25-minute (30-minute) moving average. During the upside, there was a rupture over a contraction triangle with resistance at $ 0.4480.
It traded up to $ 0.4534 and subsequently fell below the $ 0.4500 level. The sellers pushed the price below the Fib retracement level to 23.6% of the recent recovery from the low of $ 0.4351 to $ 0.4534 high.
The price declined further and the $ 0.4440 level plus the Fibra 50% retracement level of the recent recovery from the low of $ 0.4351 to $ 0.4534 high, which served as support, was tested. In the beginning, there is a flag that is formed with resistance near $ 0.4490 on the same chart.
It seems that the pair could plunge again towards the support levels $ 0.4440 or $ 0.4420. As long as the $ 0.4420 and $ 0.4400 levels are intact, the price is likely to rebound to $ 0.4500 and $ 0.4540.
The general trend is still on the downside unless ripple buyers push the price above the pivot level of $ 0.4575. Otherwise, once the current correction is completed, the price may decline to revise the $ 0.4350 level in the near term.
Conversely, if the price of ripple settles above the pivot level of $ 0.4575, it will most likely return to a bullish zone. The next key barriers for buyers are around $ 0.4610 and $ 0.4640. On the downside, a break below the $ 0.4350 support could push the price below $ 0.4200.
Market data is provided by TradingView, Bitfinex.
