Ripple price is slowly moving higher towards the $0.3820 and $0.3850 resistances. XRP remains supported on dips near the $0.3725 and $0.3660 levels.
- Ripple price tested the $0.3660 support recently and later recovered above $0.3725.
- There is a crucial bullish trend line formed with support at $0.3725 on the 30-minute chart.
- XRP is likely to move higher towards the $0.3820 and $0.3850 resistance levels.
Ripple Price Analysis
After a short term downside correction, ripple price found support near the $0.3660 level. XRP recovered recently and moved above the $0.3725 and $0.3780 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair even traded towards the $0.3820 level and settled above the 25 simple moving average (30-minute). A high was formed at $0.3825 recently and the price corrected below the $0.3800 level.
Sellers pushed the price below the $0.3780 level and the 50% Fib retracement level of the last wave from the $0.3665 low to $0.3825 high. However, the decline was protected by the $0.3700 support and later the price bounced back above $0.3725 and the 25 simple moving average (30-minute).
Moreover, the 76.4% Fib retracement level of the last wave from the $0.3665 low to $0.3825 high acted as a support. Finally, there is a crucial bullish trend line formed with support at $0.3725 on the same chart.
The price is currently trading nicely above $0.3725 and the 25 SMA. If there is a downside break below the trend line, the price may test the key $0.3660 support area. Further below $0.3660, sellers are likely to take control for a push towards the $0.3550 level.
On the other hand, if the price continues to move higher, it could breach the $0.3820 and $0.3825 levels. The next major resistance is near the $0.3840 level, above which ripple price will most likely accelerate towards the $0.4000 hurdle in the coming sessions. The overall price action and technical structure is positive for XRP as long as it stays above the $0.3660 support area.
The market data is provided by TradingView, Bitfinex.