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.
Read: XM Broker Review
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.
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.