Ripple price climbed sharply above $0.3450 and $0.3650 resistances against the US dollar. Bitcoin’s recent surge, dragged altcoins like BCH, ETH, XRP, LTC and EOS into an uptrend.
- Buyers gained control after ripple price formed a solid support near the $0.3280 level.
- There was a downside correction recently below an ascending channel at $0.3580 on the 30-minute chart.
- XRP price remains well supported above the $0.3400 and $0.3460 support levels.
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Ripple Price Analysis
In the past two sessions, there was a strong upward move in bitcoin, bitcoin cash, litecoin, cardano and Ethereum. Ripple price also climbed higher above the $0.3450 and $0.3550 resistance levels. XRP even broke the $0.3650 level to post a new yearly high.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair formed a strong support above the $0.3280 level and the 25 simple moving average (30-minute chart). Later, it rallied more than 20% and traded close to the $0.3750 level.
A new multi-month high was formed at $0.3745 and later the price started a downside correction. The price traded below the $0.3650 support and the 23.6% Fib retracement level of the recent surge from the $0.3278 low to $0.3745 high.
Besides, there was a break below an ascending channel with support at $0.3580 on the same chart. There was a sharp decline below the $0.3550 level and the 25 simple moving average (30-minute chart). The price even spiked below the 50% Fib retracement level of the recent surge from the $0.3278 low to $0.3745 high.
However, the $0.3460 support area acted as a strong buy zone along with the 61.8% Fib retracement level of the recent surge from the $0.3278 low to $0.3745 high. XRP is currently moving higher, but the broken support at $0.3550 and the 25 simple moving average (30-minute chart) is acting as a resistance.
A close above the $0.3550 and $0.3600 levels could start a fresh increase in the near term. On the downside, there are many supports near $0.3460 and $0.3400. As long as ripple price is above $0.3400, it is likely to bounce back above $0.3600. If not, the price could test the next support at $0.3280.
The market data is provided by TradingView, Bitfinex.