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 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.
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.