Ripple price remained well bid above the $0.3100 support and recently moved higher against the USD. Bitcoin and Ethereum climbed higher sharply, lifting the market sentiment for XRP.
- There was a decent recovery above the $0.3120 and $0.3160 resistance levels.
- XRP is testing key a bearish trend line with resistance at $0.3220 on the 30-minute chart.
- There could be a strong upward move if there is a close above the $0.3240 pivot level.
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Ripple Price Analysis (XRP to USD)
In the past two sessions, there was a strong rise in bitcoin price above $5,800. Ethereum price too climbed higher, helping ripple price is recovering above the $0.3120 resistance level. XRP even broke the $0.3160 resistance level to move into a short term positive zone.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.3092 and recently started a strong rebound above the $0.3100 level. There was a steady rise above the $0.3160 resistance and the 25 simple moving average (30-minute chart).
The price even broke the $0.3200 resistance and a new weekly high was formed at $0.3233. Recently, there was a downside correction below the $0.3200 level, and the 23.6% Fib retracement level of the recent leg from the $0.3092 low to $0.3233 high.
However, the price found support near the $0.3175 level and remained above the 50% Fib retracement level of the recent leg from the $0.3092 low to $0.3233 high.
At the outset, it seems like there is a new breakout pattern forming with support near $0.3200 and $0.3175. On the upside, there is a key a bearish trend line with resistance at $0.3220 on the same chart.
A clear break above the $0.3220 and $0.3240 resistance levels is likely to lead ripple price towards the $0.3300 level in the near term. On the other hand, a close below $0.3175 might start a fresh decline towards $0.3100.
Overall, the market sentiment is very positive and there could be more gains in bitcoin, ETH, XRP, bitcoin cash, TRX, EOS, litecoin, cardano, and others major atlcoins.
The market data is provided by TradingView, Bitfinex.