EagleFX

Ripple price is trading below a strong resistance at $0.3250. XRP/USD might decline a few points before there could be a fresh upward move in the near term.

  • Ripple price is facing a lot of hurdles near the $0.3220 and $0.3250 resistance levels.
  • There is a short term bullish trend line formed with support at $0.3170 on the 30-minute chart.
  • XRP price could decline and test the $0.3140 or $0.3120 support level before climbing higher.

Ripple Price

Ripple Price Analysis

In the past three session, there were mostly range moves below the $0.3250 resistance in ripple price. XRP made two attempts to break the $0.3250 resistance recently, but buyers failed to gain bullish momentum.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair recently traded as high as $0.3245 and started a downside correction. The pair broke the $0.3200 support area and it even settled below the 25 simple moving average (30-minute chart).

During the drop, the pair broke the 50% Fib retracement level of the last leg from the $0.3145 low to $0.3245 high. It seems like the price is struggling to hold key supports and it could extend losses.

An immediate support is near $0.3175 and a short term bullish trend line, with support at $0.3170 on the same chart. The trend line coincides with the 76.4% Fib retracement level of the last leg from the $0.3145 low to $0.3245 high.

Below the trend line, the next support is at $0.3155. If buyers fail to keep the price above the $0.3150 support, there could be a drop towards the $0.3120 support level.

The current technical structure suggests that ripple price is likely to decline below the $0.3170 support. However, downsides near the $0.3150 or $0.3120 level are likely to find a strong buying interest. As long as XRP is trading above the last swing low at $0.3101, dips remain supported. On the upside, an initial resistance is at $0.3200, above which the price will most likely retest the key $0.3250 resistance level.

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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