Ripple price broke a significant resistance at $0.3050 and rallied above $0.3250. The recent bullish break has cleared the path for more gains above $0.3550 and $0.3800.

  • Ripple price gained bullish momentum after it broke the $0.3000 and $0.3020 resistances.
  • A short term breakout pattern is formed with support at $0.3450 on the 30-minute chart.
  • XRP could correct lower towards $0.3400 or $0.3330 before a fresh upward move.

Ripple XRP Price

Ripple Price Analysis

Yesterday, we saw a significant resistance near the $0.3000 and $0.3020 levels in ripple price. Buyers recently took charge and pushed all major cryptocurrencies higher, including bitcoin, xrp, Ethereum, and other altcoins.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair broke the key $0.3000 and $0.3020 resistance levels, opening the doors for a bullish break. The price rallied sharply and broke the $0.3150, $0.3250 and $0.3400 resistance levels.

It even settled above $0.3400 and the 25 simple moving average (30-minute). A new weekly high was formed at $0.3540 and the price is currently correcting lower. It broke the 23.6% Fib retracement level of the recent wave from the $0.3265 low to $0.3540 high.

Moreover, there is a short term breakout pattern is formed with support at $0.3450 on the same chart. It seems like the price may break the triangle support and decline towards the $0.3400 or $0.3330 support level.

The 61.8% Fib retracement level of the recent wave from the $0.3265 low to $0.3540 high at $0.3370 could act as a strong support. If there are further declines, the price may perhaps test the key support at $0.3200 (the previous support). It also coincides with the 1.236 Fib extension level of the recent wave from the $0.3265 low to $0.3540 high.

Overall, the current technical structure is very positive above $0.3400 and $0.3200 for ripple. There could be a short term downside correction in XRP, but the price remains supported near $0.3400 and $0.3200. On the upside, the next bullish targets could be $0.3650 and $0.3800.

The market data is provided by TradingView, Bitfinex.



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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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