Ripple price extended its rally above the $0.4350 level against the USD. XRP is currently consolidating gains and it seems like the recent bullish reversal might push the price towards $0.4950 or $0.5200.
- There was an extended upward move above the $0.4200 and $0.4350 resistances.
- XRP is now following a major bullish trend line with support near $0.4020 on the 30-minute chart.
- Ripple price is likely to climb higher towards $0.4950 or $0.5200 in the coming sessions.
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Ripple Price Analysis (XRP to USD)
Yesterday, ripple started much awaited upward move above the $0.3200 and $0.3500 resistance levels. XRP/USD gained more than 25% in the past few sessions and traded above many crucial hurdles, including $0.3800 and $0.4000.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the settled nicely above the $0.4000 resistance and the 25 simple moving average (30-minute chart). It opened the doors for more upsides and the price rallied above the $0.4200 and $0.4350 resistance levels.
It traded towards the $0.4500 level and a new multi-month high was formed at $0.4461. At the moment, the price is consolidating gains, and it recently corrected below the 23.6% Fib retracement level of the recent rally from the $0.3816 low to $0.4461 high.
An immediate support is near the $0.4190 level, below which the price could test the $0.4140 support. Besides, the 50% Fib retracement level of the recent rally from the $0.3816 low to $0.4461 high is also near the $0.4135 level.
More importantly, there is a major bullish trend line forming with support near $0.4020 on the same chart. Therefore, if there is a downside correction, the price is likely to find a strong support near $0.4140 or $0.4020.
On the upside, an initial hurdle for the bulls is near $0.4500. A successful break above $0.4500 is likely to set the momentum for a push towards the $0.4950 and $0.5000 levels. The next key resistance is near the $0.5200 level.
The market data is provided by TradingView, Bitfinex.
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