Ripple price climbed higher and broke the key $0.3100 and $0.3150 resistances. XRP buyers seem to be hesitant, but the price is likely to accelerate above the $0.3250 and $0.3320 resistances.
- Ripple price broke the $0.3100 resistance and settled above $0.3150.
- There is a major bullish trend line formed with support at $0.3145 on the 30-minute chart.
- XRP could dip a few points, but buyers remain in control as long as the price is above $0.3100.
Ripple Price Analysis
After testing the $0.3000 support area, ripple price bounced back above the $0.3040 support. Later, XRP/USD started a decent upward move and broke the $0.3090 and $0.3100 resistance levels to move into a positive zone.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair settled above the $0.3100 resistance and the 25 simple moving average (30-minute). Finally, there was a break above the $0.3150 barrier and the price surpassed the $0.3200 resistance.
A new weekly high was formed at $0.3229 and the price is currently correcting gains. It dipped below the 23.6% Fib retracement level of the last wave from the $0.3015 low to $0.3229 high. However, the decline was protected by the $0.3160 level.
On the downside, there is a strong support formed near $0.3150 (the previous resistance). Moreover, there is a major bullish trend line formed with support at $0.3145 on the same chart.
If there is a break below $0.3150 and the trend line, the price could test the $0.3120 support. The 50% Fib retracement level of the last wave from the $0.3015 low to $0.3229 high is also placed near the $0.3122 level to act as a support.
As long as the price is above the stated supports, buyers remain in action. On the upside, an initial resistance is near the $0.3220 level, above which the price will most likely accelerate towards $0.3300 and $0.3320.
The main target for ripple buyers in the short term could be $0.3400 or $0.3440. Overall, XRP remains well supported and the recent bullish moves in bitcoin, Ethereum and other altcoins may continue to support the cryptocurrency market in the coming sessions.
The market data is provided by TradingView, Bitfinex.