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.
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.
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.