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The price of the ripple gained momentum this month and stood above $ 0.4750 against the US dollar. The XRP / USD remains up and could accelerate over $ 0.5400 and $ 0.5600.
Important points:
- The price of the ripple was traded at $ 0.5660 recently and was subsequently corrected lower.
- XRP / USD is currently positioned well above a significant uptrend line with support of $ 0.4850 on the 4-hour chart.
- The XRP price may continue to move higher towards $ 0.5600 provided it is more than $ 0.4750.
Price analysis of undulations
This month, it was a nice upward move in the ripple price from the low of $ 0.4400. XRP / USD traded above a pair of major resistance near $ 0.400 and $ 0.4750 to move further into a bullish zone.
The daily chart of XRP / USD indicates that the price has broken resistance of $ 0.5000 and has stabilized above the 50-minute (4-hour) moving average. He traded at $ 0.5660 and subsequently started a downward correction below $ 0.5400.
The price fell below the $ 0.5100 level and the 50% Fibra retracement level of the last wave from $ 0.4478 low to $ 0.5660 high. However, losses were protected by the $ 0.4900 level and the 50 simple (4 hours) moving average.
More importantly, the support found price close to the Fib retracement level 61.8% of the last wave from $ 0.4478 low to $ 0.5660 high. Further down, there is a significant uptrend line with support for $ 0.4850 on the same chart.
Clearly, the price is forming solid support near the levels of $ 0.4850 and $ 0.4900. It may soon start a new upward move above the resistance of $ 0.5200, above which there is a possibility of a solid increase towards the levels of $ 0.5500 and $ 0.5600.
Therefore, the short-term purchase close to the $ 0.4850 level can be considered on the condition that there is no daily closing below the support level of $ 0.4750.
The technical structure is positive and suggests a bullish continuation in terms of ripple compared to resistance levels of $ 0.5400. However, buyers must closely monitor the support levels of $ 0.4850 and $ 0.4750. A positive closing below $ 0.4750 will most likely invite the bullish scenario and could push the price to $ 0.4000
Summary
Item name
Price analysis of corrugations: XRP / USD up solid higher than $ 0.4750
Description
The price of the ripple gained momentum this month and stood above $ 0.4750 against the US dollar. The XRP / USD remains up and could accelerate over $ 0.5400 and $ 0.5600.
Author
Aayush Jindal
Publisher name
Coingape
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