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The price of the ripple is slowly moving towards the resistances of $ 0.3820 and $ 0.3850. The XRP remains supported on dips near the levels of $ 0.3725 and $ 0.3660.
- The ripple price tested the $ 0.3660 support recently and then recovered above $ 0.3725.
- There is a crucial bullish trend line formed with support at $ 0.3725 on the 30-minute chart.
- The XRP will probably increase towards resistance levels of $ 0.3820 and $ 0.3850.
Price analysis of undulations
After a short-term downward correction, the ripple price found support near the $ 0.3660 level. The XRP has recovered recently and has moved above the resistance levels of $ 0.3725 and $ 0.3780.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair even traded to the $ 0.3820 level and positioned above the 25-minute (30-minute) moving average. A high was recently formed at $ 0.3825 and the price was corrected below the $ 0.3800 level.
The sellers pushed the price below the $ 0.3780 level and the 50% Fiber retracement level of the last wave from the low of $ 0.3665 to $ 0.3825. However, the decline was backed by $ 0.3700 support and the price returned to exceed $ 0.3725 and the 25-minute (30-minute) moving average.
In addition, the Fib 76.4% retracement level of the last wave from $ 0.3665 low to $ 0.3825 high served as support. Finally, there is a crucial bullish trend line formed with support for $ 0.3725 on the same chart.
The price is currently trading well above $ 0.3725 and the 25 SMA. If there is a bearish break below the trend line, the price can test the key support area $ 0.3660. Below $ 0.3660, sellers are likely to gain control of the $ 0.3550 level.
On the other hand, if the price continues to move higher, it could violate the levels of $ 0.3820 and $ 0.3825. The next big resistance approaches the $ 0.3840 level, above which the price of ripple will probably accelerate to the $ 0.4000 hurdle in the next few sessions. The general price action and the technical structure are positive for XRP as long as it remains above the support area of $ 0.3660.
Market data is provided by TradingView, Bitfinex.
