Ripple price surged higher and traded close to the $0.3400 resistance. XRP moved into a bullish zone and it could continue to accelerate towards the $0.3500 and $0.3550 resistances.
- Ripple price gained bullish momentum and broke the $0.3220 resistance area.
- Yesterday’s bullish trend line played its part with current support at $0.3285 on the 30-minute chart.
- XRP remains well supported above $0.3220 and it could soon take out the $0.3400 resistance.
Ripple Price Analysis
Yesterday, we discussed a possible bullish break in ripple price above the $0.3220 resistance. XRP/USD did gain bullish momentum, broke the $0.3220 resistance, and traded close to the $0.3400 resistance area. Ethereum and bitcoin also extended gains and traded above $150 and $3,800 respectively.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair climbed higher steadily and broke the $0.3200 and $0.3220 resistance levels. There was even a close above the $0.3220 level and the 25 simple moving average (30-minute).
The price surpassed the $0.3350 level and traded towards the $0.3400 resistance. A new weekly high was formed at $0.3388 and later the price started a downside correction. It traded below the $0.3350 and $0.3320 support levels.
However, the $0.3250 and $0.3240 levels acted as a solid support and prevented declines. More importantly, yesterday’s bullish trend line played well with current support at $0.3285.
A low was formed at $0.3258 and the price traded towards the 50% Fib retracement level of the last decline from the $0.3388 high to $0.3258 low. The current price action is positive above the $0.3260 level and the 25 simple moving average (30-minute).
Therefore, there are high chances of an upside extension above the $0.3380 and $0.3400 levels. A successful close above the $0.3400 resistance could set the pace for more upsides towards the $0.3440 and $0.3500 resistance levels.
On the other hand, if ripple price trades below the bullish trend line and $0.3280, it could test the key $0.3220 support area (the previous resistance). Overall, buyers remain in action and XRP, BTC, ETH, EOS and BCH might continue to rise in the near term.
The market data is provided by TradingView, Bitfinex.