Ripple price dipped recently, but bounced back from the $0.2980-0.3000 support against the USD. XRP remains supported on dips and it could rebound further above $0.3090 and $0.3140.
- The bulls are defending the key $0.2980 and $0.3000 support levels.
- There is a key contracting triangle forming with resistance near $0.3085 on the 30-minute chart.
- XRP price is likely to rebound towards $0.3140 and $0.3160 if it surpasses $0.3100.
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Ripple Price Analysis (XRP to USD)
After struggling to break the $0.3125 level, ripple price corrected lower. XRP traded below the $0.3050 support and even spiked below the $0.3000 level. However, the bulls defended further losses and the price bounced back above $0.3020.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.2989 and recently bounced back above $0.3020 and $0.3050. It even broke the $0.3065 level and the 25 simple moving average (30-minute chart).
The $0.3090 level is currently acting as a resistance. It seems like a few higher highs were formed such as $0.3139, $0.3125 and $0.3091. On the downside, the $0.3070 level and the 25 SMA are acting as supports.
The next key support is near the $0.3040 level and the 50% Fib retracement level of the recent wave from the $0.2989 low to $0.3091 high. More importantly, there is a key contracting triangle forming with resistance near $0.3085 on the same chart.
If there is an upside break above the $0.3090 and $0.3100 levels, the price could climb higher towards the $0.3140 and $0.3160 resistance levels. The next main barrier for the bulls is close to $0.3210.
On the downside, the triangle support is near $0.3010 and the 61.8% Fib retracement level of the recent wave from the $0.2989 low to $0.3091 high. If ripple price struggles to hold the $0.3010 and $0.3000 support levels, there is a risk of a sharp decline. The next key support for XRP is near the $0.2910 level.
The market data is provided by TradingView, Bitfinex.