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.
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.