Ripple price broke the $0.3740 and $0.3940 resistance levels. XRP/USD traded towards the $0.4080 level and later started a downside correction.

  • Ripple price traded higher and settled above the $0.3740 resistance level.
  • There is a key bullish trend line in place with support at $0.3730 on the 30-minute chart.
  • XRP price must surpass the $0.3940 resistance to resume its upward move.

Ripple XRP Price

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Ripple Price Analysis

Yesterday, we discussed that ripple price will most likely extend gains above the $0.3700 level. The price did trade higher and broke a few resistances near the $0.3730 and $0.3780 levels.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair formed a support near $0.3460 and later climbed above the $0.3650 and $0.3780 levels. Buyers took control above $0.3780, resulting in more gains above the $0.3940 and $0.4000 levels.

A new weekly high was formed at $0.4075 and later the price started a downside correction. It declined below $.3940 and an ascending channel on the same chart. Besides, there was a break below the 23.6% Fib retracement level of the last wave from the $0.3460 low to $0.4075 high.

Moreover, there was a close below $0.3940 and the 25 simple moving average (30-minute). However, there are many strong supports on the downside above the $0.3700 level.

An initial support is near the $0.3780 level and the 50% Fib retracement level of the last wave from the $0.3460 low to $0.4075 high. There is also a key bullish trend line in place with support at $0.3730 on the same chart.

Therefore, if the price corrects lower, it will most likely find support near the $0.3780 and $0.3740 level. Below $0.3740, the price could extend the correction towards the $0.3615 level.

Overall, ripple price moved into a bullish zone, with a close above the $0.3740 level. To regain bullish momentum, XRP buyers must clear the $0.3940 resistance and the 25 SMA. The next major resistance is at $0.4080, above which the price will most likely test $0.4250 in the near term.

The market data is provided by TradingView, Bitfinex.

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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