Ripple price rallied recently above the $0.3500 resistance before it corrected lower. XRP is under pressure, but it is likely to find support near the $0.3200 or $0.3140 support zone.
- Ripple price declined sharply after trading as high as $0.3549.
- This week’s followed bullish trend line was breached with support at $0.3400 on the 30-minute chart.
- XRP tested the $0.3220 support and it is currently under pressure below the $0.3400 level.
Ripple Price Analysis
Yesterday, we saw the start of a solid upward move above the $0.3220 and $0.3380 resistance levels in ripple price. XRP/USD gained momentum and broke the $0.3400 and $0.3460 resistance levels. It traded as high as $0.3549 and later started a downside correction.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair gained momentum after it broke the $0.3375 resistance. The price traded towards the $0.3550 level and topped at $0.3549.
Later, sellers took control and pushed the price below the $0.3460 support and the 25 simple moving average (30-minute). It opened the doors for more declines and the price cleared the 50% Fib retracement level of the last wave from the $0.3017 low to $0.3549 high.
However, buyers appeared near the $0.3250 and $0.3220 support levels. The price is currently consolidating above $0.3250 and the 61.8% Fib retracement level of the last wave from the $0.3017 low to $0.3549 high.
The current price action is slightly bearish, suggesting more losses below the $0.3220 support. The next key support is near the $0.3140 level, which is likely to act as a strong buy zone.
On the upside, there is a key resistance formed near $0.3350, the 25 simple moving average (30-minute), and a bearish trend line on the same chart. Therefore, a clear break above the trend line and $0.3400 is must for the price to move back in a positive zone.
To sum up, there could be more bearish moves in ripple below the $0.3220 level, but as long as XRP is trading above the $0.3140 support, it could start a new upward move in the near term.
The market data is provided by TradingView, Bitfinex.