Ripple price topped just above the $0.3500 and later declined heavily. XRP/USD could correct higher in the short term, but upsides are likely to remain capped near $0.3240.
- Ripple price broke many important supports such as $0.3350 and $0.3240.
- There is a major bearish trend line in place with resistance at $0.3200 on the 30-minute chart.
- XRP tested the $0.3000 support area and it is currently consolidating gains.
Ripple Price Analysis
This past week, we saw a slow and steady rise above the $0.3200 resistance in ripple price. XRP/USD broke the $0.3240 resistance area to start a decent upward move. The price climbed above the $0.3350 and $0.3400 levels before sellers appeared just above the $0.3500 level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair spiked above the $0.3500 level and traded as high as $0.3517 before starting a downside correction. The pair traded as low as $0.2995 and later started an upside correction.
It traded above the $0.3080 level and tested the 23.6% Fib retracement level of the last decline from the $0.3456 high to $0.2995 low. At the moment, it seems like there is a short-term breakout pattern in place with resistance near the $0.3100 level.
A proper close above the $0.3120 level and the 25 simple moving average (30-minute chart) could open the doors for more gains. There is also a major bearish trend line in place with resistance at $0.3200 on the same chart.
The next key resistance is near the $0.3220 level and the 50% Fib retracement level of the last decline from the $0.3456 high to $0.2995 low. The main resistance is near the $0.3240 level, which was a crucial support and it may now act as a hurdle for buyers.
Overall, ripple price is under pressure below the $0.3240 pivot level. As long as XRP is below the $0.3200 level, there are chances of more losses. The main support is near the $0.3000 level, below which there is a risk of a downside break below $0.2900.
The market data is provided by TradingView, Bitfinex.