Ripple price analysis: XRP/USD fireworks cool down marginally above $0.460 but jumps 4.23% on the day
|- Ripple defies market bear pressure surges from $0.430 to $0.4623 in 30 minutes.
- Ripple price has several supports on the chart; at $0.450, the 61.8% Fib level and $0.4450.
Ripple has been ballistic during European trading hours on Wednesday defying the bear pressure in the market to surge from $0.430 and trade slightly above $0.460 in 30 minutes. The spike has however lost steam on hitting $0.4623. Lower corrections are currently in progress and a support above $0.450 will vital to the buyers.
The cause for the spike that affected only Ripple (XRP) could have been triggered after technical levels were broken. The crypto has traded lows of $0.4266 on the day. Consequently, the price embarked on an upward roll that was for some time limited by both the 23.6% Fib retracement level of the last swing high of $0.4623 and a swing low of $0.4266 and the 100 simple moving average on the 15-minutes timeframe chart.
On breaking above these technical levels, the move is likely to have triggered the spike in three engulfing candlesticks. XRP/USD also smashed past the trendline resistance on the chart. Ripple price is currently trading at $0.4554 while the stochastic and the MACD technical signal indicators are still advancing upwards. This shows that the buyers although seem exhausted, still have buying power left to keep the support at $0.450. If this level is broken, the 61.8% fib level will hold the price above stronger support at $0.4450. On the upside, the crypto will face resistance at $0.460 and $0.4650 respectively.
XRP/USD 15-minutes chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.