Ripple price climbed higher slowly and steadily above $0.3000. XRP/USD must break the $0.3260 and $0.3280 resistance levels to climb further.
- Ripple price is currently placed nicely above the $0.3080 support level.
- There is a short term contracting triangle formed with resistance at $0.3200 on the 30-minute chart.
- XRP price must break $0.3200 and $0.3260 to move into a positive zone in the near term.
Ripple Price Analysis
There was a solid support formed near the $0.2940 level in ripple price. Later, the price started a decent recovery and moved above the $0.3000 and $0.3080 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair even climbed above $0.3200 and $0.3400. However, there was no convincing close above the $0.3260-80 resistance, which resulted in a downside correction towards the $0.3000 level.
The price traded as low as $0.3047 recently and moved above the $0.3080. It broke the 50% Fib retracement level of the last decline from the $0.3407 high to $0.3047 low.
However, the price failed once again to settle above the $0.3260-80 resistance and it is currently trading below the 25 simple moving average (30-minute). Besides, the 61.8% Fib retracement level of the last decline from the $0.3407 high to $0.3047 low prevented gains.
It seems like there is a strong resistance area formed near the $0.3260 and $0.3280 levels. At the outset, there is a short term contracting triangle formed with resistance at $0.3200 on the same chart.
The next move could be either above $0.3200 and $0.3260 or there might be a fresh decline below the $0.3080 support level. Above $0.3260 and $0.3280, the price may climb towards the $0.3400 and $0.3500 levels in the near term.
On the flip side, if ripple price fails to clear the $0.3260-80 resistance, sellers could push the price below $0.3100 and $0.3080. In the bearish scenario, XRP may perhaps revisit the $0.2940 support zone. The overall price action is positive, but buyers must gain strength above $0.3260-80.
The market data is provided by TradingView, Bitfinex.