XRP price retested the $0.2990-0.3000 support area and corrected a few points. Buyers soon need to gain momentum above $0.3120 and $$0.3190 to avoid a downside break.
- Ripple price is still above the $0.2990-0.3000 support area.
- A new connecting bearish trend line in place with resistance at $0.3090 on the 30-minute chart.
- XRP buyers need to gain strength above $0.3120 and $0.3190 to start a solid upward move.
Ripple Price Analysis
Yesterday, we saw a slow and steady recovery above the $0.3050 level in ripple price. Buyers pushed the price above the $0.3120 and $0.3150 levels, but they failed near the $0.3190-0.3200 area.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded close to the $0.3205 resistance and formed a high at $0.3190. Later, there was a fresh decline below $0.3100 and the 25 simple moving average (30-minute).
A new weekly low was formed at $0.2900, but the price moved back above $0.3000 quickly. It recovered above $0.3040 and the 23.6% Fib retracement level of the recent slide from the $0.3190 high to $0.2990 low.
On the upside, there is a solid resistance forming near the $0.3090-0.3100 zone. Moreover, there is also a new connecting bearish trend line in place with resistance at $0.3090 on the same chart.
The trend line is near the 50% Fib retracement level of the recent slide from the $0.3190 high to $0.2990 low. Therefore, a break above the trend line and then $0.3120 may push the price towards $0.3190. A successful push above the $0.3190 swing high is needed for buyers to gain strength above the $0.3200 level in the near term.
On the other hand, if buyers continue to fail near $0.3120, $0.3190 or $0.3200, there could be a strong bearish reaction. In the mentioned scenario, there are high chances of a successful break below $0.3000 and $0.2900. The next key support is at $0.2850, followed by $0.2800.
Overall, ripple price is reaching a crucial juncture and it could either rally above $0.3200 or decline heavily below $0.3000.
The market data is provided by TradingView, Bitfinex.
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