Ripple price recovered nicely along with bitcoin and Ethereum. XRP/USD climbed towards the $0.3400 level and recently corrected lower towards the $0.3200 support area.
- Ripple price climbed higher above the $0.3300 and $0.3350 resistance levels.
- There is a connecting bearish trend line forming with resistance near $0.3305 on the 30-minute chart.
- XRP/USD could continue to rise if it surpasses the $0.3305 and $0.3330 resistance levels.
Ripple Price Analysis (XRP to USD)
Recently, there was a decent upward move in bitcoin, ripple, and Ethereum. XRP/USD climbed higher above the $0.3300 and $0.3350 resistance levels, and even traded above the $0.3400 level.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as high as $0.3409 and recently started a downside correction. There was a break below the $0.3300 level and the 25 simple moving average (30-minute chart).
However, the price found support near the $0.3200 level and a swing low was formed at $0.3197. The price is currently rising and it cleared the $0.3245 resistance plus the 23.6% Fib retracement level of the downward move from the $0.3409 high to $0.3197 low.
Moreover, there was a break above the $0.3280 level and the 25 simple moving average (30-minute chart). However, the upward move faced resistance near the $0.3300 level.
The 50% Fib retracement level of the downward move from the $0.3409 high to $0.3197 low is also acting as a resistance. Additionally, there is a connecting bearish trend line forming with resistance near $0.3305 on the same chart.
Therefore, a successful break above the $0.3305 and $0.3310 levels might start a fresh increase. An immediate resistance is near the $0.3330 level, above which ripple price will most likely climb towards the $0.3400 and $0.3420 levels.
On the other hand, if ripple price fails to surpass the trend line and the $0.3330 resistance, there could be another slide. An immediate support is near the $0.3255 and $0.3245 levels. If XRP/USD continues to slide, it could revisit the $0.3200 support area. The next important support is near the $0.3120 level.
The market data is provided by TradingView, Bitfinex.
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