Ripple (XRP) Price analysis: bullish above $ 0.3030, target $ 0.3400


The price ripple is probably in preparation for a big bullish break above the resistance from $ 0.3030 and $ 0.3035. XRP buyers are likely to take over $ 0.3050 for a push towards $ 0.3400.

Key points of conversation

  • The price of the ripple is forming a solid support close to $ 0.2900 for an upward rupture against the US dollar.
  • The XRP / USD is able to break a fundamental bearish trend line with resistance to $ 0.3000 on the 2-hour chart (data feed via Bitstamp).
  • The XRP price could accelerate earnings above $ 03050 and $ 0.3150 in the short term.

Ripple Price Forecast

There was a bad decline from resistance levels of $ 0.3800 and $ 0.3580 in ripple compared to the US dollar. The XRP / USD pair even broke support levels $ 0.3260 and $ 0.3150 to enter a bearish area.

XRP chart of ripple price analysis

Looking at the chart, the price recently broke the $ 0.3000 level and is currently well below the simple 100 (2 hours) moving average. The price was trading at $ 0.2865 and subsequently began to consolidate losses.

A support base has been formed close to $ 0.2900 and it seems that the price could rise higher in the short term. The first barrier is close to a bearish trend line with resistance to $ 0.3000 on the same chart.

Above the trend line, the price could test the Fib retracement level of 23.6% from the recent decline from $ 0.3588 high to $ 0.2865 low. However, once there is a correct close above the trend line and $ 0.3035, there may be a solid upward move.

The next key obstacle for buyers is close to the $ 0.3150 level and the simple moving average at 100 (2 hours). Above $ 0.3150, the price could test the $ 0.3220 level and Fibra's 50% retracement level of the recent decline from the low of $ 0.3588 to $ 0.2865 minimum.

The ultimate goal for buyers could be $ 0.3400, which is an important pivot area. The downside, if there is a break below the support of $ 0.2900 and the minimum of $ 0.2865, the price of ripple could slide further towards $ 0.2500. The overall price action is positive for the ripple as long as the price exceeds $ 0.2900.

Market data is provided by TradingView.

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