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The price of ripple found support near the $ 0.3180 level after a bad decline. The XRP is currently in the process of recovery, but is reaching significant resistance near $ 0.3320.
- The price of undulation declined heavily, the support area tested for $ 0.3180 and is currently being recovered.
- There is a downtrend line in place with resistance at $ 0.3320 on the 30-minute chart.
- The XRP is likely to struggle close to the resistance levels of $ 0.3320 and $ 0.3360 in the short term.
Price analysis of undulations
There was a brief consolidation above the support area of $ 0.3320 in ripple. However, XRP failed to recover above the resistance of $ 0.3400 and subsequently broke the support area by $ 0.3320.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair declined heavily under the support of $ 0.3320 and even traded below the $ 0.3200 support. It traded at $ 0.3181, where buyers took position and protected further losses.
The price started a decent recovery and surpassed the resistance of $ 0.3250 peeling the moving average at 25 simple (30 minutes). Furthermore, there was a push above the 50% fiber retracement level of the last decline, from $ 0.3410 upwards to $ 0.3181 below.
However, the price is approaching significant resistance near the $ 0.3320 level (the previous support area). The 61.8% retracement level of Fib of the last drop from the low of $ 0.3410 to $ 0.3181 is also placed close to the $ 0.3323 level to protect an upward break .
Finally, there is a bearish trend line in place with resistance at $ 0.3320 on the same chart. If there was an upward break above the trendline, the price could revisit the resistance area of $ 0.3400.
On the flip side, if buyers fail to push the price above the resistance of $ 0.3320, there may be a new bearish wave. On the downside, initial support is $ 0.3260, below which the simple moving average of 25 (30 minutes) to $ 0.3245 can serve as support.
Overall, the price of ripple is approaching a key core area near $ 0.3320, above which it could be a solid recovery. Otherwise, XRP may go back to the $ 0.3200 or $ 0.3120 media.
Market data is provided by TradingView, Bitfinex.
