The price of the ripple is traded with a positive injury above $ 0.4575. XRP / USD buyers must cancel the resistance of $ 0.4680 for a move up to $ 0.4780.
- The price of the ripple formed a solid support base near the $ 0.4575 level.
- An ascending channel is formed with support near the $ 0.4610 level on the 30 minute chart.
- The XRP price remains down at $ 0.4600 and $ 0.4610 levels.
Price analysis of undulations
After trading above the $ 0.4800 level, the ripple price started a downward correction below the $ 0.4700 level. The price was trading below the levels of $ 0.4640 and $ 0.4600 before the buyers appeared close to the $ 0.4580 level.
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Looking at the 30-minute XRP / USD chart, the pair traded from $ 0.4566 recently and then began trading in a range. The chart suggests that there is a solid base of support formed near the $ 0.4575 level.
Recently, the price has moved higher and broke the $ 0.4620 level and the simple moving average to 25 (30 minutes). Furthermore, there was a break above the Fib retracement level of 23.6% from the low of $ 0.4853 to $ 0.4566 low.
However, the price was not able to remain above the $ 0.4660 level and subsequently revised the $ 0.4640 level and the 25 SMA. In the beginning, there is a rising channel formed with support near the $ 0.4610 level on the same chart.
If the price falls from current levels, it may find support near the $ 0.4610 level. Under channel support, the price could revisit the key support area $ 0.4575.
On the upside, there is a strong resistance formed near $ 0.4680, the upper trend line of the channel and a downtrend line. Therefore, a proper break and close above the $ 0.4680 level could push the price back into a positive zone.
The next resistance approaches the $ 0.4700 level and the 50% Fiber retracement level of the last decline from the low of $ 0.4853 to $ 0.4566 low. Above $ 0.4700, the ripple price will most likely revisit the high swing of $ 0.4840 in the near term. On the flip side, a bearish break below $ 0.4610 and $ 0.4575 can turn on sharp moves.
Market data is provided by TradingView, Bitfinex.