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The price of ripple recovered after trading at a new weekly low of $ 0.2850. However, there is a significant resistance formed near $ 0.3000-0.3020 where the XPR buyers have struggled.
- The price of the ripple is in front of a solid barrier close to the resistances of $ 0.3000 and $ 0.3020.
- A bearish trend line is in effect with resistance at $ 0.2980 on the 30-minute chart.
- XRP buyers must gain momentum above $ 0.3020 for a short-term trend change.
Price analysis of undulations
Last week, there was a slow and steady decline from well over $ 0.3200 in ripple. The sellers pushed the price below support levels of $ 0.3100 and $ 0.3000.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair even broke the support level by $ 0.2940 and traded at $ 0.2854. Subsequently, a basis for a recovery was created and the price moved above the resistance of $ 0.2940 and the simple moving average to 25 (30 minutes).
There was a break above the Fib retracement level of 23.6% of the last drop from the low of $ 0.3185 to $ 0.2854 at the bottom. However, the move to the top was limited by the key resistance $ 0.3020 (previous support).
In addition, the price failed to cancel the 50% retracement level of Fibers from the last fall, from $ 0.3185 upwards to $ 0.2854 below. More importantly, there was no adequate closing above the resistances of $ 0.3000 and $ 0.3020.
The XRP withdrew from its highs and traded below the $ 0.3000 and 25 SMA levels. For the top, an initial resistance is close to the $ 0.2950-60 zone. In addition, there is a bearish trend line with resistance at $ 0.2980 on the same chart.
That said, an adequate break above the resistance at $ 0.3020 is necessary for buyers to gain momentum in the short term. On the downside, the key supports are $ 0.2900 and $ 0.2850, below which the price could fall to $ 0.2650.
The current price action is still bearish for bitcoin, ripple, Ethereum and other major altcoins. BTC must break the resistance of $ 3,500 and Ethereum must exceed $ 95-100 to move into a positive zone.
Market data is provided by TradingView, Bitfinex.
