Ripple (XRP) Price Analysis: Bulls Aiming Higher?

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Ripple price traded higher and broke the $0.5180 resistance area. XRP/USD is placed nicely above $0.5200 for more upsides in the short term.

• Ripple price traded higher towards the $0.5350 level recently.
• Yesterday’s bearish trend line was breached at $0.5130 on the 30-minute chart.
• XRP price is currently trading in a positive zone above $0.5130 and $0.5180.

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Ripple Price Analysis

There was a decent support base formed in ripple price around the $0.4980 level. The price started an upward move and climbed above a couple of important resistances such as $0.5120, $0.5130 and $0.5180.

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair gained momentum above $0.5100 and settled above the 25 simple moving average (30-minute). More importantly, buyers managed to push the price above yesterday’s bearish trend line at $0.5130.

It opened the doors for more gains and the price traded above $0.5280 and $0.5300. A new intraday high was formed at $0.5352 and later the price started a downside correction. It declined below the 23.6% Fib retracement level of the recent wave from the $0.4977 low to $0.5352 high.

It even traded below the $0.5200 level, but the previous resistance at $0.5180 acted as a solid support. It also coincides with the 50% Fib retracement level of the recent wave from the $0.4977 low to $0.5352 high.

The current price action is positive above $0.5180 and it seems like ripple buyers could push the price further higher. An initial resistance is near $0.5265 and a bearish trend line on the same chart.

A successful close above the trend line and $0.5280 may perhaps clear the path for a rally towards $0.5350. Above the recent high at $0.5352, the price will most likely climb towards the $0.5500 and $0.5700 resistance levels.

On the flip side, if there is another downside correction, the $0.5180 support is likely to prevent losses. Below $0.5180, ripple price could retest the broken bearish trend line at $0.5130. Overall, buyers are in control and a break above $0.5280 could spark more gains.

The market data is provided by TradingView, Bitfinex.

The post Ripple (XRP) Price Analysis: Bulls Aiming Higher? appeared first on Blockonomi.

November 13, 2018 at 03:31AM https://blockonomi.com from Blockonomi https://ift.tt/2qLPekB