XRP price failed to gain momentum above the $0.4700 resistance and declined recently. XRP/USD is now approaching the next important break, with support at $0.4550.
- XRP price is moving lower towards the key $0.4550-60 support area.
- Yesterday’s crucial bearish trend line is acting as a hurdle near $0.4610 on the 30-minute chart.
- XRP price is approaching the next crucial break either above $0.4650 or below $0.4550.
XRP Price Analysis
Yesterday, XRP price failed to break the $0.4700 and $0.4750 resistance levels. As a result, there was a downside extension and the price moved below the $0.4600 level.
Looking at the 30-minute chart of XRP/USD, the pair is currently under pressure below the $0.4650 level and the 25 simple moving average (30-minute). The recent swing low was formed at $0.4553 before the price recovered a few points.
It traded above the $0.4600 level and the 50% Fib retracement level of the last drop from the $0.4681 high to $0.4553 low. However, the upside move was capped by the $0.4610 and $0.4630 levels.
Moreover, the 61.8% Fib retracement level of the last drop from the $0.4681 high to $0.4553 low also stopped the recovery in XRP/USD. At the outset, it seems like yesterday’s crucial bearish trend line is acting as a hurdle near $0.4610 on the same chart.
Therefore, buyers need to clear the trend line and the $0.4650 resistance to gain bullish momentum in the near term. The next resistance is at $0.4700, above which the price will most likely climb higher towards the $0.5000 level.
On the other hand, if the price fails to surpass the trend line and $0.4650, there could be a fresh test of the $0.4550-0.4560 support area. In the short term, the $0.4550 support holds a lot of importance, below which the price could accelerate declines towards the $0.4400 or $0.4200 level.
Therefore, XRP price seems to be approaching the next crucial break either above the $0.4650 resistance or below the $0.4550 support in the coming sessions.
The market data is provided by TradingView, Bitfinex.
The post Ripple (XRP) Price Analysis: Next Crucial Break Ahead appeared first on Blockonomi.