Ripple price traded higher and broke the key resistance at $0.4650. XRP/USD could continue to move higher towards $0.5050 or $0.5240.
- Ripple price climbed higher and broke the $0.4650 and $0.4800 resistance levels.
- Yesterday’s declining channel with resistance at $0.4650 was breached on the 30-minute chart of XRP/USD.
- XRP price is currently following a bullish trend line with support at $0.4780.
Ripple Price Analysis
Yesterday, we discussed that ripple looks like a buy on dips near the $0.4400 level. The price remained well supported above $0.4400 and it slowly climbed higher above the $0.4650 resistance area.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair gained momentum above the $0.4600 level and the 25 simple moving average (30-minute). It also broke the 23.6% Fib retracement level of the last slide from the $0.5250 high to $0.4471 low.
Additionally, there was a clear break above yesterday’s highlighted declining channel with resistance at $0.4650 on the same chart. Later, the price retested the same broken channel, but buyers protected declines below $0.4650.
Finally, there were additional gains and the price traded above the $0.4800 resistance. It even tested the $0.4950 level and the 61.8% Fib retracement level of the last slide from the $0.5250 high to $0.4471 low.
The current upside move seems convincing above $0.4800 and the price may perhaps continue to move higher towards the next resistance at $0.5050. Above this, the next major barrier for buyers is near the last swing high at $0.5250.
On the other hand, if there is a downside move, the price is likely to find support near $0.4800 and the 25 simple moving average (30-minute). Moreover, there is a bullish trend line in place with support at $0.4780.
Therefore, ripple price is placed nicely above the $0.4800 and $0.4650 support levels. Once there is a proper break above the $0.4950 and $0.5050 resistance levels, there could be more a sharp upward move towards the $0.5250 swing high in the near term.
The market data is provided by TradingView, Bitfinex.