Ripple price completed a perfect ABC correction near $0.3700 against the US Dollar. XRP/USD is likely back in an uptrend and it could continue to move higher.
- Ripple price completed the key ABC correction pattern near the $0.3540 support.
- XRP/USD broke a major declining channel with resistance at $0.4300 on the 4-hours chart.
- XRP price is currently placed nicely in an uptrend above the $0.4320 support level.
Ripple price analysis
In the last analysis, we discussed a crucial ABC correction pattern from the $0.7800 swing high in ripple price against the US Dollar. XRP/USD followed the highlighted wave structure perfectly and declined below the $0.4330 support to complete the pattern.
The 4-hour chart indicates that the price traded close to the $0.3540 support area to complete the C wave. A new monthly low was formed near $0.3720 before the price started a fresh upward move.
The price climbed higher and broke the $0.4320 resistance plus the 23.6% Fib retracement level of the last drop from the $0.6297 high to $0.3720 swing low.
More importantly, the price surpassed a major declining channel with resistance at $0.4300 on the same chart. It cleared the path for more gains and the price jumped above $0.4500 and $0.4800 levels.
It tested the key resistance area near $0.5200 and the 50% Fib retracement level of the last drop from the $0.6297 high to $0.3720 swing low. Moreover, the 100 simple moving average (4-hours) near the $0.5000 level also acted as a resistance.
The price is currently consolidating above the $0.4320 support and it is likely preparing for the next move. Once there is a break above the $0.5000 and $0.5150 resistance levels, the price is likely to accelerate gains above the $0.5550 level in the near term.
Overall, ripple price is currently placed nicely in an uptrend above the $0.4320 and $0.4100 supports. As long as there is no break below the last swing low, there are high possibilities of an upside continuation above the $0.5000 level in the coming days.