- Ripple price gained bullish momentum and broke the $0.3100 and $0.3300 resistances.
- There is a possible contracting triangle forming with resistance near $0.3345 on the 30-minute chart.
- XRP is likely to find a strong buying interest near the $0.3150 and $0.3100 support levels.
Ripple Price Analysis
Yesterday, we discussed a few important resistances for ripple price near the $0.3200 level. XRP/USD initially struggled to break the $0.3200 barrier, but after the Coinbase listing announcement, buyers gained pace and the price surged above the $0.3300 resistance level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair broke a few important resistance levels near $0.3300 and $0.3320 to set the stage for more gains. Later, the price broke the $0.3400 and $0.3450 levels, but it failed to test the last swing high near $0.3514.
A high was formed at $0.3477 and later the price started a downside correction. It broke the $0.3400 support and the 50% Fib retracement level of the recent rally from the $0.3041 low to $0.3474 high.
There was also a break below the $0.3300 level and the 25 simple moving average (30-minute chart). However, there is a strong support visible near the $0.3225 and $0.3200 levels. Besides, the 61.8% Fib retracement level of the recent rally from the $0.3041 low to $0.3474 high is also near the $0.3207 level.
More importantly, it seems like there is a possible contracting triangle forming with resistance near $0.3345 on the same chart. Therefore, if the price corrects further, it could find buyers near the $0.3200 and $0.3145 support levels.
The current price action is slightly bearish since ripple price trimmed more than 50% of the recent gains. Having said that, there are chances of a fresh rally as long as XRP price is trading above the $0.3145 support level. On the upside, the main hurdles are near the $0.3340 and $0.3400 levels.
The market data is provided by TradingView, Bitfinex.