Ripple price analysis: XRP/USD is flirting with $0.4966, bullish pressure continues to build
|- Ripple price is attempting to correct higher; upside capped below $0.5000.
- The 50 SMA is working as the immediate support line, while major support level is at $0.4559.
Ripple price has sustained considerable declines from well above $0.6000 to lows of $0.4557 recorded during the trading on Sunday 1. Although the price is attempting to correct higher, the upside has been capped below $0.5200 in the last two days.
In the recent downside from $0.5056, Ripple price broke past key support levels at $0.4900 and $0.47 respectively. The 23.6% Fib retracement level with the last swing high of $0.5167 and a low of $0.4559 was not able to hold the price as it retraced lower. XRP/USD however, bounced back to correct higher above $0.4900, although the upside has been protected below $0.5000.
There is a growing bullish trend around $0.4966; above the 61.8% Fib retracement level of the last swing high of $0.5167 and a low of $0.4559. Ripple price must jump above $0.5000 to open the door for more gains towards $.0.6000. The 50 SMA is acting as the immediate support line around $0.4828; however, the major support for XRP/USD is at $0.4559.
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