Ripple price extended upsides above the $0.3550 and $0.3800 resistances. XRP remains in a solid uptrend and dips near $0.3500 are likely to find strong bids.
- Ripple price rallied above the $0.3550, $0.3650 and $0.3800 resistance levels.
- A short term connecting bullish trend line formed with support near $0.3460 on the 30-minute chart.
- XRP remains well supported near the $0.3550, $0.3500 and $0.3460 levels.
Ripple Price Analysis
Yesterday, we discussed the chances of more gains above the $0.3550 resistance in ripple price. There was a short term downside correction from $0.3540, but later XRP buyers regained momentum and pushed the price above the $0.3550 and $0.3650 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair even surged above the $0.3800 level. A new weekly high was formed at $0.3904 and the price is currently trading well above the 25 simple moving average (30-minute).
The price is currently correcting lower below $0.3800 and the 23.6% Fib retracement level of the last leg from the $0.3315 low to $0.3904 high. However, there are many supports on the downside, starting with the $0.3650 level.
The main support is near the $0.3550 level (the previous resistance and a pivot area) and the 25 simple moving average (30-minute). An intermediate support is near $0.3615 and the 50% Fib retracement level of the last leg from the $0.3315 low to $0.3904 high.
Below $0.3500, there is a short term connecting bullish trend line formed with support near $0.3460 on the same chart. Therefore, if the price corrects lower from the current levels, it could find support near the $0.3550, $0.3500 and $0.3460 levels.
On the upside, the $0.3850 and $0.3900 levels are initial hurdles, above which the price is likely to accelerate above the $0.4000 and $0.4050 levels.
The price action is very positive for ripple as long as XRP price is above the $0.3500 support. Similarly, bitcoin and Ethereum also remain in a positive zone above the $3,600 and $100 support levels respectively.
The market data is provided by TradingView, Bitfinex.