Ripple price gained momentum and traded above the $0.3700 resistance level. XRP/USD is likely to trade further higher towards the $0.4000 resistance in the short term.

  • Ripple price jumped higher and surpassed the $0.3700 resistance level.
  • There was a break above a major bearish trend line with resistance at $0.3570 on the 30-minute chart.
  • XRP price could dip a few points, but it remains supported near $0.3700 and $0.3670.

Ripple XRP Price

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Ripple Price Analysis

Recently, there was a slow and steady decline in ripple price from the $0.3990 swing high. The price declined below the $0.3710 and $0.3600 support levels, but downsides were limited.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair found a strong support near the $0.3460 level. There were two attempts by sellers to push the price below the $0.3460 support, but they failed to gain momentum.

As a result, there was a decent upward move and the price traded above the $0.3600 resistance and the 25 simple moving average (30-minute). Moreover, there was a break above the 61.8% Fib retracement level of the last slide from the $0.3990 swing high to $0.3460 low.

More importantly, there was a break above a major bearish trend line with resistance at $0.3570 on the same chart. Finally, the price traded above the $0.3700 and $0.3710 resistance levels to move into a positive zone.

The price traded as high as $0.3887 and it is currently correcting gains. An initial support is near the $0.3780 level. However, the main support is near the $0.3670 level and the 25 simple moving average (30-minute).

Moreover, the 50% Fib retracement level of the last from the $0.3466 low to $0.3887 high is at $0.3679 to act as a solid support. Therefore, if the price dips from the current levels, it could find support near the near $0.3700 and $0.3670 levels.

Overall, ripple price is trading with a positive bias above the $0.3600 level. There could be a couple of dips in XRP, but the price is likely to extend gains towards the $0.4000 or $0.4200 level.

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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