Ripple price declined further and broke the key $0.4700 support. XRP/USD traded as low as $0.4623 and it is currently correcting higher.
- Ripple price remained in a bearish zone and declined below the $0.4700 and $0.4690 supports.
- XRP/USD is likely to face sellers near a bearish trend line with resistance at $0.4790 on the 30-minute chart.
- The price could correct higher, but it has to move above $0.4800 to recover further.
Ripple Price Analysis
After forming a short-term top at $0.5020, ripple price started a downside move. The price declined and broke the $0.4900 and $0.4800 support levels to move into a bearish zone.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair faced an increased selling pressure after it settled below the $0.4800 support and the 25 simple moving average (30-minute). It opened the doors for more losses and the price declined below the $0.4700 and $0.4690 supports.
The price traded to a new weekly low at $0.4623 and it is currently correcting higher. At the outset, the price is testing the broken support at $0.4700, which is acting as a resistance.
If there is a break above the $0.2700 resistance, the next hurdle is near the 50% Fib retracement level of the decline from the $0.4864 high to $0.4623 low. Moreover, there is a major bearish trend line in place with resistance at $0.4790 on the same chart.
Around the trend line, the 25 simple moving average (30-minute) and the 61.8% Fib retracement level of the decline from the $0.4864 high to $0.4623 low are also positioned.
Therefore, if the price recovers, it is likely to face a lot of resistance near the $0.4750 and $0.4800 levels. Above these, the price may possibly climb into a positive zone with the next target as $0.4920.
On the other hand, if ripple buyers fail to push the price above the $0.4800 resistance, there could be further slides. An immediate support awaits at $0.4620, below which XRP/USD will most likely test the $0.4525 support.
The market data is provided by TradingView, Bitfinex.