Ripple price started a downside correction after a sharp rally above $0.3200. XRP remains well bid on the downside near the $0.3050 and $0.2990 support levels.
- Ripple price faced sellers near the $0.3250-0.3260 area and corrected lower.
- There is a declining channel in place with resistance at $0.3140 on the 30-minute chart.
- XRP might continue to find support near the $0.3040, $0.3000 and $0.2990 supports.
Ripple Price Analysis
Recently, there was a solid upward move in bitcoin and Ethereum, dragging ripple price above the $0.3100 resistance. XRP rallied above the $0.3180 and $0.3200 resistance levels before sellers appeared near the $0.3250-0.3260 area.
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Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.3259 and later started a downside correction. It traded below the $0.3220 and $0.3110 support levels. There was even a break below the $0.3060 support and the 25 simple moving average (30-minute).
However, the $0.3040 support area acted as a strong support and the price bounced back above $0.3060 and the 25 simple moving average (30-minute). There was a break above the 50% Fib retracement level of the recent decline from the $0.3214 high to $0.3036 low.
The upward move was capped by the $0.3150 level and the 61.8% Fib retracement level of the recent decline from the $0.3214 high to $0.3036 low.
More importantly, there is a declining channel in place with resistance at $0.3140 on the 30-minute chart. The price is currently trading well below the $0.3150 resistance level, with a minor bearish angle.
To start a fresh upward move, the price must break the $0.3140 and $0.3150 resistance levels. The next key resistance area is near the $0.3200 and $0.3210 levels. On the other hand, if there is an extended decline, the $0.3040 and $0.3000 supports could play an important role.
Should ripple price fail to stay above the $0.2990 support, there could be a sharp U-turn in the near term towards the $0.2900 and $0.2910 levels.
The market data is provided by TradingView, Bitfinex.