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

Ripple Penetrates China After Approval of a Joint Project With AmEx and LianLian Group


Closing In Towards Next Breakout


Ripple CEO Brad Garlinghouse Classifies Rumors About Swift Joining Ripple


Bitcoin Nears $3,750 as Top Cryptos See Moderate Gains


InstaRem Partners RippleNet For Global Payment Service In Southeast Asia


Bitcoin Cash (BCH) Tumbles, Sellers Could Push For $120