Ripple Price Analysis: XRP/USD Approaching Monster Break

Ripple price is still holding a significant support near $0.4245 against the US Dollar. XRP/USD is approaching a crucial break either above $0.4500 or below $0.4245.

The past few days were mostly bearish as ripple price faced an increased selling pressure after it broke the $0.4500 support. Similarly, other cryptocurrencies like bitcoin, Ethereum, Litecoin and EOS faced a lot of selling pressure. Let’s understand why XRP price is approaching a significant break on the daily chart either above $0.4500 or below $0.4245.

Ripple Price Analysis, Chart and Key Takeaways (XRP/USD):

• Ripple price is holding a monster support area near $0.4245.
• There are two major bearish trend lines formed with resistance at $0.4500 and $0.5400 on the daily chart of XRP/USD.
• The pair is likely to make the next significant move either above $0.4500 or below $0.4245.

Looking at the daily chart, ripple price declined recently and settled below the $0.4500 level. Sellers attempted a downside break below $0.4200 on many occasions. However, the price remained above the $0.4245 support, which prevented losses on many occasions earlier.

Thus, it seems like the $0.4245 level holds a lot of importance for the next move in XRP/USD. Below this, the price could decline sharply and it might even break the $0.4000 support level.

On the upside, there are two major bearish trend lines formed with resistance at $0.4500 and $0.5400 on the daily chart. The first trend line at $0.4500 coincides with the 55-day simple moving average (orange).

The second trend line coincides with the 23.6 percent Fibonacci retracement level of the last drop from the $0.9725 high to $0.4230 low. If ripple buyers push the price above the $0.4500 resistance, the next resistance is near the $0.5400 and $0.5500 levels.

A successful close above the $0.5500 level and the 100-day SMA (green) will most likely open the doors for more gains above $0.6000 in the medium term.

Overall, ripple price is positioned for the next significant move either above $0.4500 or below $0.4250. Looking the current price action, there are high chances of an upside break towards $0.5000 in the near term.