Ripple price declined towards the $0.3100 support and later recovered nicely. XRP/USD is placed above $0.3140 and it is likely to break the $0.3200 resistance for a strong upward move.
- Ripple price is placed nicely above the $0.3140 and $0.3150 support levels.
- Buyers are eyeing an upside break above a major declining channel at $0.3175 on the 30-minute chart.
- XRP price could climb higher sharply if there is a clear break above $0.3180 and $0.3200.
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Ripple Price Analysis
Recently, there was another dip in ripple price below the $0.3150 support level. XRP traded towards the $0.3100 support, formed a low near the $0.3112 level and later started a decent upward move.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair recovered nicely from $0.3112 along with bitcoin, litecoin, Ethereum, EOS and other cryptocurrencies. The price climbed above the $0.3140 and $0.3150 resistance levels.
There was even a break above the $0.3160 level and the 25 simple moving average (30-minute chart). However, the price struggled to clear a major declining channel with current resistance at $0.3175 on the same chart.
The recent high was near $0.3178 and the price is currently consolidating gains near the 23.6% Fib retracement level of the latest wave from the $0.3112 low to $0.33178 high.
On the downside, there are many supports near the $0.3150 and $0.3140 levels. The main support is just below $0.3140 and the 50% Fib retracement level of the latest wave from the $0.3112 low to $0.33178 high.
Therefore, if there is a downside correction, the price is likely to find buyers near the $0.3150 or $0.3140 support area. Should ripple decline below the $0.3140 or $0.3135 level, sellers could aim $0.3100 in the coming sessions.
On the flip side, a successful close above the channel resistance and $0.3180 could boost gains. In the mentioned bullish scenario, the price is likely to rally above the $0.3200 and $0.3220 resistance levels. The next stop for XRP buyers could be $0.3245 or even $0.3300.
The market data is provided by TradingView, Bitfinex.