Satoshi Nakamoto Blog
Image default
price Ripple Ripple Price xrp XRP Price

Ripple (XRP) Price Analysis: Recovery Reaching Crucial Juncture

Ripple price found support near the $0.3180 level after a nasty decline. XRP is currently recovering, but it is reaching a significant resistance near $0.3320.

  • Ripple price declined heavily, tested the $0.3180 support area, and currently recovering.
  • There is a major bearish trend line in place with resistance at $0.3320 on the 30-minute chart.
  • XRP is likely to struggle near the $0.3320 and $0.3360 resistance levels in the short term.

Ripple Price Analysis

There was a brief consolidation above the $0.3320 support area in ripple price. However, XRP failed to recover above the $0.3400 resistance and later broke the $0.3320 support area.

Ripple Price Analysis XRP Chart

Click to Enlarge Chart

Looking at the 30-minute chart of XRP/USD, the pair declined heavily below the $0.3320 support and even traded below the $0.3200 support. It traded as low as $0.3181, where buyers took a stand and protected additional losses.

The price started a decent recovery and traded above the $0.3250 resistance plush the 25 simple moving average (30-minute). Moreover, there was a push above the 50% Fib retracement level of the last drop from the $0.3410 high to $0.3181 low.

However, the price is now approaching a significant resistance near the $0.3320 level (the previous support area). The 61.8% Fib retracement level of the last drop from the $0.3410 high to $0.3181 low is also placed near the $0.3323 level to protect an upside break.

Finally, there is a major bearish trend line in place with resistance at $0.3320 on the same chart. Should there be an upside break above the trend line, the price may revisit the $0.3400 resistance area.

On the flip side, if buyers fail to push the price above the $0.3320 resistance, there could be a fresh bearish wave. On the downside, an initial support is at $0.3260, below which the 25 simple moving average (30-minute) at $0.3245 may act as a support.

Overall, ripple price is approaching a key pivot area near $0.3320, above which it could stage a solid recovery. If not, XRP might decline back towards the $0.3200 or $0.3120 supports.

The market data is provided by TradingView, Bitfinex.

Source link

Related posts

XRP/USD Price Analysis: Bears feast on coin as bulls abandon market


Will BTT Price Rise & Shine?


Binance Receives Massive XRP Transactions of $96 Mln


xRapid will not ‘flip the switch’ on XRP price, say prominent XRP community enthusiasts


XRP Hits Coinbase Ecosystem in Coinbase Pro Listing


The ‘Loose Theory’ that Wall Street is Manipulating Bitcoin (BTC) and Cryptos To Buy Cheap