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 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.
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.