Ripple price succeeded in surpassing the key $0.3220 resistance zone against the US dollar. XRP is now following a decent bullish path and it may climb towards $0.3320 or $0.3345.
- There was a steady rebound from the $0.3123 and $0.3172 swing lows.
- A crucial ascending channel is forming with support at $0.3235 on the 30-minute chart.
- XRP price could continue to recover and towards the channel resistance at $0.3320 or $0.3345.
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Ripple Price Analysis (XRP to USD)
Yesterday, there was a sharp drop in ripple below the $0.3220 and $0.3205 support levels. XRP traded close to the $0.3120 support, formed a new weekly low at $0.3123, and recently started a slow and steady rebound above the $0.3200 level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.3123 and bounced back towards the $0.3220 resistance in the wave 1. Later, there was a minor dip towards the $0.3170 level in the wave 2.
A swing low was formed at $0.3172 and the price jumped above the $0.3220 resistance plus the 25 simple moving average (30-minute chart). The third wave completed near the $0.3290 level and the price is currently trading in a tight range. Similarly, there were decent gains in bitcoin, ethereum, bitcoin cash, EOS and other altcoins.
It corrected below the 23.6% Fib retracement level of the recent wave from the $0.3172 low to $0.3290 high. On the downside, there are many supports near the $0.3240 and $0.3230 levels. More importantly, there is a crucial ascending channel forming with support at $0.3235.
The 50% Fib retracement level of the recent wave from the $0.3172 low to $0.3290 high is also near the $0.3230 level. Therefore, if the price corrects lower from the current levels, it is likely to find a strong buying interest above the $0.3230 level.
As long as ripple price is following the ascending channel with support at $0.3235, there are chances of further gains towards the $0.3300 and $0.3320 resistance levels. The next key resistance is near the $0.3345 level. On the other hand, a downside break below the channel support might push XRP price towards $0.3200 or even $0.3170.