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The price of ripple gained traction and broke the key resistance of $ 0.3320 to move into a bullish zone. The XRP could continue higher after a slight decline towards the support of $ 0.3330.
- The price of ripple broke the resistance from $ 0.3320 and $ 0.3350 to gain bullish momentum.
- There is a key bullish trend line formed with support at $ 0.3330 on the 30 minute chart.
- The XRP remains well supported on drops close to $ 0.3360 and $ 0.3330 in the short term.
Price analysis of undulations
Yesterday we discussed some significant breakout levels for rippling near the $ 0.3320 area. Buyers of XRP managed to gain strength and successfully pushed the price over resistance from $ 0.3320 and $ 0.3350.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair traded at $ 0.3181 and then started an upward move. In the first wave, the price struggled to cancel the resistance area of $ 0.3320 and subsequently initiated a short-term correction.
A flag pattern was formed with resistance to $ 0.3280, which later paved the way for an upward break. The price exceeded the resistance from $ 0.3320 and $ 0.3350 and stood above the average of 25 simple (30 minutes).
He also beat the last high swing at $ 0.3410 and tested the Fibon 1.236 extension level of the decline from $ 0.3412 to $ 0.3181 low. A high was formed at $ 0.3478 and the price is forming another breakout model.
It has moved below the Fib retracement level to 23.6% of the recent leg, from $ 0.3246 down to $ 0.378 up. However, there are many supports on the negative side, starting at $ 0.3380 (the previous resistance).
The main support is close to $ 0.3330 and a key bullish trend line formed on the same chart. It coincides with the 50% fiber retracement level of the recent leg, from $ 0.3246 down to $ 0.378 up. Therefore, if there is a downward correction, it is likely that the price will find a strong buying interest over $ 0.3330.
In the short term, the price of ripple may decline by some points, but the general price action indicates higher gains in XRP above the levels of $ 0.3450 and $ 0.3520 in the next sessions.
Market data is provided by TradingView, Bitfinex.
