Ripple price finally settled above the key $0.3000 and $0.3070 resistances against the USD. XRP surged towards $0.3380, corrected lower, and it is currently bracing for a fresh increase towards $0.3400.

  • A strong support base is formed above the $0.3070 level for ripple.
  • XRP broke a major contracting triangle resistance near $0.3222 on the 30-minute chart.
  • Ripple price is trading nicely above the $0.3170 and $0.3070 support levels.

Ripple Price

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Ripple Price Analysis (XRP to USD)

This past week, bitcoin price started a significant upward move above $6,000 and $7,000. Initially, most altcoins (ripple, Ethereum, bitcoin cash, tron, EOS, litecoin and cardano) traded in a range, but later started a strong upward move.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair broke a few important resistances near the $0.3000 and $0.3070 levels. There was even a close above the $0.3100 level and the 25 simple moving average (30-minute chart).

The price rallied above the $0.3250 resistance and traded close to the $0.3400 level. A new monthly high was formed at $0.3381 and recently the price corrected lower.

It declined heavily below $0.3300 and $0.3250. However, the previous resistance area near $0.3070 acted as a strong support and prevented additional losses. The recent swing low was at $0.3070 before the price recovered above $0.3150.

The price climbed above the 61.8% Fib retracement level of the downward move from the $0.3269 high to $0.3070 low. Moreover, the price surpassed a major contracting triangle resistance near $0.3222 on the same chart.

It even cleared the 76.4% Fib retracement level of the downward move from the $0.3269 high to $0.3070 low, and tested the last swing high near $0.3270.

Clearly, ripple price is trading in a positive zone above the $0.3150 and $0.3100 support levels. In the short term, XRP could trade in a range above $0.3100, but it will most likely climb above the $0.3280 and $0.3300 levels.

The main resistance is near $0.3380 and $0.3400, followed by $0.3450. On the downside, the bulls are likely to protect the main support at $0.3070 in the coming sessions.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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