Ripple price remained well bid above the $0.3100 support and recently moved higher against the USD. Bitcoin and Ethereum climbed higher sharply, lifting the market sentiment for XRP.
- There was a decent recovery above the $0.3120 and $0.3160 resistance levels.
- XRP is testing key a bearish trend line with resistance at $0.3220 on the 30-minute chart.
- There could be a strong upward move if there is a close above the $0.3240 pivot level.
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Ripple Price Analysis (XRP to USD)
In the past two sessions, there was a strong rise in bitcoin price above $5,800. Ethereum price too climbed higher, helping ripple price is recovering above the $0.3120 resistance level. XRP even broke the $0.3160 resistance level to move into a short term positive zone.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.3092 and recently started a strong rebound above the $0.3100 level. There was a steady rise above the $0.3160 resistance and the 25 simple moving average (30-minute chart).
The price even broke the $0.3200 resistance and a new weekly high was formed at $0.3233. Recently, there was a downside correction below the $0.3200 level, and the 23.6% Fib retracement level of the recent leg from the $0.3092 low to $0.3233 high.
However, the price found support near the $0.3175 level and remained above the 50% Fib retracement level of the recent leg from the $0.3092 low to $0.3233 high.
At the outset, it seems like there is a new breakout pattern forming with support near $0.3200 and $0.3175. On the upside, there is a key a bearish trend line with resistance at $0.3220 on the same chart.
A clear break above the $0.3220 and $0.3240 resistance levels is likely to lead ripple price towards the $0.3300 level in the near term. On the other hand, a close below $0.3175 might start a fresh decline towards $0.3100.
The market data is provided by TradingView, Bitfinex.