Ripple price started a strong rebound above the $0.3100 resistance against the USD. XRP is currently correcting lower, but the bulls remain in control as long as the price is above $0.3100.

  • There were positive moves in bitcoin, XRP, Ethereum, and bitcoin cash.
  • XRP broke a major bearish trend line at $0.3080 on the 30-minute chart to start an upward move.
  • A swing high was formed near the $0.3280 level and the price is currently correcting lower.

Ripple Price

Read: XM Review

Ripple Price Analysis (XRP / USD)

In the past two sessions, there was a decent improvement in the crypto market sentiment, pushing ripple price above the $0.3050 and $0.3080 resistance levels. XRP/USD surged above the $0.3100 and $0.3180 resistance levels to post strong intraday gains.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded with a bullish angle after trading as low as $0.3054. It settled above the key $0.3140 resistance area and the 25 simple moving average (30-minute chart).

During the rise, there was a clear break above a major bearish trend line at $0.3080. The bulls gained momentum and pushed the price above the $0.3180 and $0.3200 resistance levels.

A new weekly high was formed at $0.3280 and the price recently started a downside correction. It broke the 23.6% Fib retracement level of the recent wave from the $0.3054 low to $0.3280 high.

Moreover, there was a break below a short term triangle with support at $0.3220. The price tested the $0.3200 level and it is currently consolidating in a range.

On the downside, there are many important supports near $0.3180 and $0.3140. The 50% Fib retracement level of the recent wave from the $0.3054 low to $0.3280 high is also near the $0.3167 level to act as a strong support.

The next important support is at $0.3140 (the last line of defense for ripple buyers). On the upside, a successful break above $0.3240 and the 25 SMA is needed for a fresh increase in XRP towards $0.3280 or even $0.3300 in the near term.

The market data is provided by TradingView, Bitfinex.


3Commas

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 *