Ripple price is trading nicely above the $0.3560 support with a bullish angle. XRP must break the $0.3780 resistance to revisit the key $0.3950 hurdle.
- Ripple price formed a support base near $0.3560 and later moved higher above $0.3640.
- There is a major bearish trend line in place with resistance at $0.3770 on the 30-minute chart.
- XRP must clear the $0.3770 and $0.3800 resistance levels to trade towards $0.3950.
Ripple Price Analysis
Recently, there was a slow and steady decline from the $0.3950 and $0.4000 resistance levels in ripple price. XRP declined and traded below the $0.3800 support level to move into a bearish zone.
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Looking at the 30-minute chart of XRP/USD, the pair even broke the $0.3650 support and traded as low as $0.3561. Later, a support base near $0.3560 and the price started an upward move. It broke the $0.3650 resistance and the 23.6% Fib retracement level of the last decline from the $0.3896 high to $0.3561 low.
Moreover, there was a close above the $0.3680 level and the 25 simple moving average (30-minute). However, the price is currently struggling to clear the $0.3770-0.3780 resistance zone.
Besides, the 61.8% Fib retracement level of the last decline from the $0.3896 high to $0.3561 low is also acting as a solid resistance for buyers. Therefore, a proper break and close above the trend line and $0.3780 is needed for more gains.
The next resistance is at $0.3800, above which the price may continue to move higher towards the $0.3950 and $0.4000 resistance levels. Should there be a break above $0.4000, the price may continue to accelerate towards the $0.4200 resistance.
Overall, ripple price seems to be preparing for an upside break above the $0.3800 resistance. On the other hand, if there is a downside move in XRP, the price may find support near $0.3650 or $0.3620. Below this last, there are chances that the price may revisit the $0.3560 support base. The main support is positioned at $0.3550, below which the price could drop to $0.3300.
The market data is provided by TradingView, Bitfinex.