Ripple price gained bullish momentum and cleared the $0.3800 resistance. XRP is likely to extend the recent bullish wave above the $0.3850 and $0.3900 resistances.

  • Ripple price found a strong support near $0.3540 and later recovered nicely.
  • There was a break above a key declining channel with resistance at $0.3670 on the 30-minute chart.
  • XRP is likely to trade further higher above the 0.3850 and $0.3900 resistance levels.

Ripple XRP Price

Ripple Price Analysis

Recently, ripple price tested the key $0.3540 support area, which once again prevented a downside break. XRP formed a base above $0.3540 and later started a fresh upward move.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair broke the $0.3600 resistance and the 25 simple moving average (30-minute) to start a decent bullish wave. During the upside, it broke many important resistances near the $0.3660 and $0.3700 levels.

There was also a break above a key declining channel with resistance at $0.3670 on the same chart. Buyers even pushed the price above the $0.3800 level and a new intraday high was formed at $0.3848.


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Later, the price started a downside correction and traded below the $0.3800 level. The price declined below the 23.6% Fib retracement level of the recent wave from the $0.3543 low to $0.3848 high.

It is currently following a declining channel, with an immediate support at $0.3690. It represents the 50% Fib retracement level of the recent wave from the $0.3543 low to $0.3848 high. Should there be a downside break below $0.3690 or $0.3660, the price may move back in a bearish zone.

On the flip side, if the price starts a new upward move, it could break the $0.3800 and $0.3850 resistance levels. The next major resistance is at $0.3900, above which the price will most likely test the $0.4000 barrier.

To sum up, ripple price is positioned nicely for an upside extension above the $0.3850 level. However, if XRP sellers push the price below $0.3690 and $0.3660, the price may struggle to recover above $0.3800 in the near term.

The market data is provided by TradingView, Bitfinex.


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Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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One Comment

  1. Avatar

    we all know wall street arbitrage bots are controlling the market
    these reports are useless until a true market is formed when regulation is finalised.

    Reply

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