EagleFX

Ripple price started a slow and steady recovery above the $0.3080 resistance. XRP/USD could surpass the $0.3220 resistance and extend the recent recovery in the near term.

  • Ripple price started an upside correction after trading to a new monthly low at $0.2943.
  • There was a break above a key bearish trend line at $0.3140 on the 30-minute chart.
  • XRP/USD is showing positive signs and it could attempt to surpass the $0.3220 resistance.

Ripple Price

Ripple Price Analysis (XRP to USD)

Yesterday, we saw a significant drop in bitcoin, Ethereum, ripple and other major altcoins. BTC/USD even tested the $10,000 support area. Later, there was a steady recovery in BTC, XRP and ETH.

Ripple Price Analysis (XRP to USD) Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.2943 and recently started an upside correction. The pair traded above the $0.3000 and $0.3080 resistance levels to start the correction.

The bulls pushed the price above a key bearish trend line at $0.3140 on the same chart. More importantly, there was a break above the $0.3200 level and the 25 simple moving average (30-minute chart).

However, the price struggled to clear the $0.3220 resistance and swing high was formed at $0.3227. Recently, the price trimmed gains below $0.3180 plus the 23.6% Fib retracement level of the recent wave from the $0.2943 low to $0.3227 high.

On the downside, there is a strong support forming near the $0.3080 level. Additionally, the 50% Fib retracement level of the recent wave from the $0.2943 low to $0.3227 high is also near the $0.3085 level.

As long as the price is above the $0.3080 support area, it could climb higher once again. On the upside, the price must settle above $0.3200 and gain momentum above the $0.3220 level to continue higher.

Conversely, if ripple price fails to climb above the $0.3200 and $0.3220 resistance levels, it could start a fresh decline. An immediate support is at $0.3080, below which XRP/USD is likely to test the $0.3000 support area in the near term.

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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