Ripple price trimmed its recent gains and declined below $0.3280. However, XRP/USD is holding the $0.3200 support and it could bounce back in the near term.

  • Ripple price declined recently, but it found a strong support near the $0.3200 area.
  • There is a crucial contracting triangle formed with resistance near $0.3240 on the 30-minute chart.
  • XRP is likely to break higher and it could accelerate above the $0.3260 and $0.3280 levels.

Ripple Price

Ripple Price Analysis

Yesterday, we saw a strong upward move above the $0.3350 level in ripple price after the Coinbase Pro listing announcement. However, XRP/USD failed to hold gains and later trimmed gains to move below the $0.3350 and $0.3280 support levels.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair even broke the $0.3225 support and the 25 simple moving average (30-minute chart). However, the $0.3180-0.3200 support area acted as a major barrier for sellers.

A low was formed at $0.3172 and later the price started an upside correction. At the moment, the price is testing a significant resistance near the $0.3220 level. More importantly, there is a crucial contracting triangle formed with resistance near $0.3240 on the same chart.

The $0.3240 resistance coincides with the 25 simple moving average (30-minute chart) and the 23.6% Fib retracement level of the recent decline from the $0.3474 high to $0.3172 low.

Should ripple buyers succeed in gaining strength above $0.3240 and $0.3250, the price could accelerate towards the $0.3280 and $0.3300 resistance levels. The next key resistance is at $0.3320 and the 50% Fib retracement level of the recent decline from the $0.3474 high to $0.3172 low.

On the other hand, if there is a downside break below the $0.3200 and $0.3180 supports, sellers are likely to gain control. The next stop could be $0.3100 and $0.3050. Overall, ripple seems to be preparing for the next break either above $0.3240 or below $0.3180. The price action is positive and there are high chances of an upside break above $0.3240 and $0.3260 in XRP in the near term.

The market data is provided by TradingView, Bitfinex.


Buy Crypto    Trade Crypto
eToro Risk Warning: 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Avatar

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.


All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.

Leave a reply

Your email address will not be published. Required fields are marked *