Ripple price formed a support base near $0.3000 and recovered recently. XRP/USD may slowly climb higher towards $0.3205 or $0.3250 in the short term.

  • Ripple price is trading nicely above the key $0.3000 support level.
  • There was a break above a major bearish trend line with resistance at $0.3070 on the 30-minute chart.
  • XRP price is likely to grind higher towards the $0.3205 and $0.3250 level if buyers remain in action.

Ripple XRP Price

Ripple Price Analysis

Yesterday, there was a downside extension below the $0.3080 support in ripple price. Sellers pushed the price towards the key $0.3000 support, which acted as a hurdle and prevented losses.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.3002 and later started a fresh upward move. The price gained momentum above the $0.3050 level and the 25 simple moving average (30-minute).

It traded above the 23.6% Fib retracement level of the recent drop from the $0.3407 high to $0.3002 low. Moreover, there was a break above a major bearish trend line with resistance at $0.3070 on the same chart.

The price is now placed nicely above the $0.3070 level and it seems like it may continue to rise in the near term. The next stop for buyers could be $0.3205. It represents the 50% Fib retracement level of the recent drop from the $0.3407 high to $0.3002 low.

Above $0.3205, the price will most likely trade towards the key $0.3250 resistance level. On the downside, an initial support is near $0.3080 and $0.3070. If buyers fail to defend $0.3070, the price may revisit the key $0.3000 support level.

In the short term, the price may climb towards $0.3205 before a downside correction. However, as long as ripple price is above the $0.3000 support, there are chances of a push towards $0.3250 or $0.3320.

The current price action is positive for both XRP and ETH. However, it won’t be easy for buyers to protect important supports such as $0.3070 and $0.3000 in ripple.

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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