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.

Ripple Price

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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.

Ripple Price Analysis XRP Chart

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.

Overall, the crypto market is currently trading and it seems like bitcoin, Ethereum, ripple and bitcoin cash might correct higher in the short term.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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