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XRP price retested the $ 0.2990-0.3000 support area and corrected a few points. Buyers soon need to gain momentum above $ 0.3120 and $$ 0.3190 to avoid a downside break.
- Support price is still above the $ 0.2990-0.3000.
- A new connecting bearish trend line in place with resistance at $ 0.3090 on the 30-minute chart.
- XRP buyers need to gain strength above $ 0.3120 and $ 0.3190 to start a solid upward move.
Ripple Price Analysis
Yesterday, we saw a slow and steady recovery above the $ 0.3050 level in the ripple price. Buyers pushed the price above the $ 0.3120 and $ 0.3150 levels, but they failed near the $ 0.3190-0.3200 area.
Click to Enlarge Chart
Resistance and formed at high at $ 0.3190. Looking at the 30-minute chart of XRP / USD. Later, there was a fresh decline below $ 0.3100 and the 25 simple moving average (30-minute).
A new weekly low was formed at $ 0.2900, but the price moved back above $ 0.3000 quickly. It recovered above $ 0.3040 and the 23.6% Fib retracement level of the recent slide from the $ 0.3190 high to $ 0.2990 low.
On the upside, there is a solid resistance forming near the $ 0.3090-0.3100 zone. Moreover, there is also a new connecting bearish trend line in place with resistance at $ 0.3090 on the same chart.
The trend line is near the 50% Fib retracement level of the recent slide from the $ 0.3190 high to $ 0.2990 low. Therefore, a break above the trend line and then $ 0.3120 may push the price towards $ 0.3190. A successful push above the $ 0.3190 swing high is needed for buyers to gain strength above the $ 0.3200 level in the near term.
If the buyers continue to fail near $ 0.3120, $ 0.3190 or $ 0.3200, there could be a strong bearish reaction. In the mentioned scenario, there are high chances of a successful break below $ 0.3000 and $ 0.2900. The next key support is at $ 0.2850, followed by $ 0.2800.
It could be rally above $ 0.3200 or decline heavily below $ 0.3000.
The market data is provided by TradingView, Bitfinex.
