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.

Ripple Price

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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.

Ripple Price Analysis XRP Chart

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.

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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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