Ripple price started a slow and steady recovery above the $0.3080 resistance. XRP/USD could surpass the $0.3220 resistance and extend the recent recovery in the near term.
- Ripple price started an upside correction after trading to a new monthly low at $0.2943.
- There was a break above a key bearish trend line at $0.3140 on the 30-minute chart.
- XRP/USD is showing positive signs and it could attempt to surpass the $0.3220 resistance.
Ripple Price Analysis (XRP to USD)
Yesterday, we saw a significant drop in bitcoin, Ethereum, ripple and other major altcoins. BTC/USD even tested the $10,000 support area. Later, there was a steady recovery in BTC, XRP and ETH.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.2943 and recently started an upside correction. The pair traded above the $0.3000 and $0.3080 resistance levels to start the correction.
The bulls pushed the price above a key bearish trend line at $0.3140 on the same chart. More importantly, there was a break above the $0.3200 level and the 25 simple moving average (30-minute chart).
However, the price struggled to clear the $0.3220 resistance and swing high was formed at $0.3227. Recently, the price trimmed gains below $0.3180 plus the 23.6% Fib retracement level of the recent wave from the $0.2943 low to $0.3227 high.
On the downside, there is a strong support forming near the $0.3080 level. Additionally, the 50% Fib retracement level of the recent wave from the $0.2943 low to $0.3227 high is also near the $0.3085 level.
As long as the price is above the $0.3080 support area, it could climb higher once again. On the upside, the price must settle above $0.3200 and gain momentum above the $0.3220 level to continue higher.
Conversely, if ripple price fails to climb above the $0.3200 and $0.3220 resistance levels, it could start a fresh decline. An immediate support is at $0.3080, below which XRP/USD is likely to test the $0.3000 support area in the near term.
The market data is provided by TradingView, Bitfinex.
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