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.

Ripple Price

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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.

Ripple Price Analysis XRP Chart

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.



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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