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 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.
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.