Ripple price extended upsides above the $0.3550 and $0.3800 resistances. XRP remains in a solid uptrend and dips near $0.3500 are likely to find strong bids.

  • Ripple price rallied above the $0.3550, $0.3650 and $0.3800 resistance levels.
  • A short term connecting bullish trend line formed with support near $0.3460 on the 30-minute chart.
  • XRP remains well supported near the $0.3550, $0.3500 and $0.3460 levels.

Ripple XRP Price

Ripple Price Analysis

Yesterday, we discussed the chances of more gains above the $0.3550 resistance in ripple price. There was a short term downside correction from $0.3540, but later XRP buyers regained momentum and pushed the price above the $0.3550 and $0.3650 resistance levels.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair even surged above the $0.3800 level. A new weekly high was formed at $0.3904 and the price is currently trading well above the 25 simple moving average (30-minute).

The price is currently correcting lower below $0.3800 and the 23.6% Fib retracement level of the last leg from the $0.3315 low to $0.3904 high. However, there are many supports on the downside, starting with the $0.3650 level.

The main support is near the $0.3550 level (the previous resistance and a pivot area) and the 25 simple moving average (30-minute). An intermediate support is near $0.3615 and the 50% Fib retracement level of the last leg from the $0.3315 low to $0.3904 high.

Below $0.3500, there is a short term connecting bullish trend line formed with support near $0.3460 on the same chart. Therefore, if the price corrects lower from the current levels, it could find support near the $0.3550, $0.3500 and $0.3460 levels.

On the upside, the $0.3850 and $0.3900 levels are initial hurdles, above which the price is likely to accelerate above the $0.4000 and $0.4050 levels.

The price action is very positive for ripple as long as XRP price is above the $0.3500 support. Similarly, bitcoin and Ethereum also remain in a positive zone above the $3,600 and $100 support levels respectively.

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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