Ripple price formed a solid support near the $0.3050 and bounced back. XRP must break the $0.3150 resistance to climb further higher towards the $0.3200 resistance.
- Ripple price traded higher and broke the $0.3100 resistance area.
- There was a break above a significant bearish trend line with resistance at $0.3075 on the 30-minute chart.
- XRP remains supported on dips and it is likely to break the $0.3150 and $0.3160 resistance levels.
Ripple Price Analysis
After trading as low as $0.3010, ripple price started a short term upside correction. XRP/USD gained traction, settled above $0.3050, formed a solid base near $0.3050, and finally climbed above the $0.3100 resistance level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair gained traction after it broke the $0.3080 resistance and the 25 simple moving average (30-minute). There was a clear break above the 61.8% Fib retracement level of the last drop from the $0.3159 high to $0.3010 low.
More importantly, there was a break above a significant bearish trend line with resistance at $0.3075 on the same chart. The pair surpassed the $0.3110 level and tested the next key resistance area near $0.3140-0.3150.
Later, there was a downside correction below the level $0.3110. However, the 50% Fib retracement level of the recent wave from the $0.3010 low to $0.3142 high acted as a support.
The price is currently placed nicely above the $0.3110 support and the 25 simple moving average (30-minute). However, a proper break above the $0.3140 and $0.3150 resistance levels is required for an upside acceleration towards the $0.3200 resistance.
On the other hand, if there is a fresh drop, the $0.3110 support and the 25 simple moving average (30-minute) are likely to act as strong supports. Below $0.3100, the price could revisit the main support at $0.3050.
Overall, ripple price is gaining momentum above the $0.3110 level, with positive moves. Should XRP to USD clear the $0.3150 resistance, the next stop for buyers could be $0.3200.
The market data is provided by TradingView, Bitfinex.