[ad_1]
The price of the ripple followed the decline of Ethereum and exceeded the support of $ 0.3330. XRP is preparing for the next move both above $ 0.3340 or below $ 0.3290.
- The price of the ripple dropped recently below support levels of $ 0.3450 and $ 0.3330.
- C & # 39; is a short-term contractual triangle formed with resistance at $ 0.3335 on the 30-minute chart.
- XRP may soon make the next move above $ 0.3400 or below $ 0.3260 in the near term.
Price analysis of undulations
Recently, Ethereum has faced greater selling pressure, with consequent downward ripple and bitcoin movements. The XRP price failed to attract buyers above $ 0.3450 and subsequently fell below support levels $ 0.3400 and $ 0.3330.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair reached a maximum of $ 0.3478 and an intermediate high at $ 0.3406. Next, there was a downward push below support levels of $ 0.3450 and $ 0.3330. The price was also traded under the $ 0.3300 support and the 25 simple (30 minute) moving average.
Furthermore, there was a break below a contracting triangle with support for $ 0.3400 and a bullish uptrend line at $ 0.3335 on the same chart. It opened the door to more losses and the price was trading at $ 0.3262.
At present, the price is correcting higher above $ 0.3300 and the Fib retracement level 23.6% from the recent decline from $ 0.3406 upwards to $ 0.3262 below. However, the price reached a crucial point below $ 0.3330.
There appears to be a short-term contractual triangle formed with resistance at $ 0.3335. The resistance of the triangle also coincides with the 50% Fibra retracement level of the recent decline from $ 0.3406 upwards to $ 0.3262 below.
Therefore, a successful break above the resistance of $ 0.3335 could open the door to a new rally above the resistance levels of $ 0.3400 and $ 0.3420. The main resistance is at $ 0.3500, beyond which the price could test $ 0.3650.
Overall, the price ripple remains well supported above $ 0.3280, but a convincing break above the resistance of $ 0.3335 is needed for XRP buyers to take control in the near term.
Market data is provided by TradingView, Bitfinex.
