Ripple price reversed sharply and surged above the $0.3140 resistance level. XRP/USD is currently correcting lower, it is likely to resume upsides above the $0.3225 resistance.
- Ripple price rallied recently above the $0.3140 and $0.3200 resistance levels.
- This week’s crucial bearish trend line was breached with support at $0.3110 on the 30-minute chart.
- XRP price is currently trading inside a bullish flag pattern with resistance at $0.3220.
Ripple Price Analysis
In the past few days, we saw a steady drop below $0.3200 in ripple price. XRP even broke the $0.3100 support before buyers took a stand near $0.3045. Recently, there were strong bullish moves in bitcoin, Ethereum, binance coin, EOS, litecoin and other altcoins, which helped ripple in gaining pace above the $0.3140 resistance level.
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Looking at the 30-minute chart of XRP/USD, the pair broke the $0.3140 and $0.3150 resistance levels to move into a positive zone. There was even a close above the $0.3140 resistance and the 25 simple moving average (30-minute chart).
Moreover, this week’s crucial bearish trend line was breached with support at $0.3110. The pair rallied above the $0.3200 barrier and traded as high as $0.3254. Later, it started a downside correction and traded below the $0.3200 support.
There was a break below the 23.6% Fib retracement level of the latest recovery from the $0.3045 low to $0.3254 high. At the outset, it seems like the price is trading inside a bullish flag pattern with resistance at $0.3220.
On the downside, the main support is near the $0.3140 level. It also coincides with the 50% Fib retracement level of the latest recovery from the $0.3045 low to $0.3254 high.
Therefore, if the price corrects further lower, it is likely to find a strong buying interest near the $0.3140 level. On the upside, the price must break the bullish flag resistance at $0.3220 to resume its upward move. The next key resistance is near $0.3250, above which ripple price could accelerate towards the $0.3400 level. Any further gains could lead XRP price towards the $0.3500 resistance zone.
The market data is provided by TradingView, Bitfinex.