EagleFX

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 XRP Price

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.

Ripple Price Analysis XRP Chart

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.


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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.


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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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