Ripple price recovered recently above the key $0.3020 resistance against the USDT. XRP is currently consolidating above $0.3040 and it could climb towards the $0.3200 resistance.

  • There was a steady recovery in ripple price above the $0.2940 and $0.3000 resistances.
  • There is a connecting resistance trend line in place near $0.3160 on the 30-minute chart.
  • XRP price could spike towards the $0.3200 resistance level before sellers appear again.

Ripple Price

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Ripple Price Analysis (XRP to USD)

This past week, we saw a significant drop in ripple below the $0.3200 and $0.3000 support levels. XRP even broke the $0.2900 level and traded as low as $0.2824 before starting a steady upside correction above $0.2940.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair recovered nicely above the $0.2940 and $0.3000 resistance levels. There was even a close above the $0.3020 resistance and the 25 simple moving average (30-minute chart).

There were multiple higher highs formed such as $0.3092, $0.3114 and $0.3139. After trading as high as $0.3139, the price recently corrected towards the $0.3040-0.3050 support area.

A swing low was formed at $0.3041 and the price climbed above $0.3090 and the 50% Fib retracement level of the recent drop from the $0.3139 high to $0.3041 low. The price is now above the 25 simple moving average (30-minute chart), but it is struggling near the $0.3110 level.

The 61.8% Fib retracement level of the recent drop from the $0.3139 high to $0.3041 low is also near the $0.3110 level. It seems like the price remains well supported on the downside near the $0.3050 and $0.3040 levels.

Therefore, if there is another dip, the bulls could protect the $0.3040 support area (green zone). Below the $0.3040 support, the price is likely to decline towards the $0.2975 or $0.2960 support.

On the upside, there is a strong resistance formed near $0.3150 and a connecting trend line on the same chart. If ripple price surpass the $0.3150 and $0.3160 resistance levels, it could rally towards the crucial $0.3200 resistance area in the near term, where XRP sellers are likely to reappear.

The market data is provided by TradingView, Bitfinex.

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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.

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