Ripple price gained momentum and traded above the $0.3700 resistance level. XRP/USD is likely to trade further higher towards the $0.4000 resistance in the short term.
- Ripple price jumped higher and surpassed the $0.3700 resistance level.
- There was a break above a major bearish trend line with resistance at $0.3570 on the 30-minute chart.
- XRP price could dip a few points, but it remains supported near $0.3700 and $0.3670.
Ripple Price Analysis
Recently, there was a slow and steady decline in ripple price from the $0.3990 swing high. The price declined below the $0.3710 and $0.3600 support levels, but downsides were limited.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair found a strong support near the $0.3460 level. There were two attempts by sellers to push the price below the $0.3460 support, but they failed to gain momentum.
As a result, there was a decent upward move and the price traded above the $0.3600 resistance and the 25 simple moving average (30-minute). Moreover, there was a break above the 61.8% Fib retracement level of the last slide from the $0.3990 swing high to $0.3460 low.
More importantly, there was a break above a major bearish trend line with resistance at $0.3570 on the same chart. Finally, the price traded above the $0.3700 and $0.3710 resistance levels to move into a positive zone.
The price traded as high as $0.3887 and it is currently correcting gains. An initial support is near the $0.3780 level. However, the main support is near the $0.3670 level and the 25 simple moving average (30-minute).
Moreover, the 50% Fib retracement level of the last from the $0.3466 low to $0.3887 high is at $0.3679 to act as a solid support. Therefore, if the price dips from the current levels, it could find support near the near $0.3700 and $0.3670 levels.
Overall, ripple price is trading with a positive bias above the $0.3600 level. There could be a couple of dips in XRP, but the price is likely to extend gains towards the $0.4000 or $0.4200 level.
The market data is provided by TradingView, Bitfinex.
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