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The price of ripple gained bullish momentum and eliminated resistance from $ 0.3800. The XRP will likely extend the recent bullish wave above the resistance from $ 0.3850 to $ 0.3900.
- The price of the ripple found strong support near $ 0.3540 and later recovered well.
- There was an interruption over a key decline channel with resistance at $ 0.3670 on the 30-minute chart.
- The XRP is probably trading further above the resistance levels of 0.3850 and $ 0.3900.
Price analysis of undulations
Recently, the ripple price tested the $ 0.3540 support area, which again prevented a bearish break. XRP formed a base above $ 0.3540 and then started a new upward move.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair broke the resistance of $ 0.3600 and the 25-minute (30-minute) moving average to trigger a decent upside wave. During the upside, he broke many major resistances near the levels of $ 0.3660 and $ 0.3700.
There was also a break above a key decline channel with resistance at $ 0.3670 on the same chart. The buyers even pushed the price above the $ 0.3800 level and a new intraday high was $ 0.3848.
Subsequently, the price started a downward correction and traded below the $ 0.3800 level. The price fell below the Fib 23.6% retracement level of the recent wave from $ 0.3543 low to $ 0.3848 high.
He is currently following a declining channel, with immediate support for $ 0.3690. Represents the 50% retracement level of the recent wave from a minimum of $ 0.3543 to $ 0.3848. Should there be a downside break below $ 0.3690 or $ 0.3660, the price may return to a bearish zone.
The downside, if the price starts a new upward move, could break resistance levels $ 0.3800 and $ 0.3850. The next major resistance is $ 0.3900, beyond which the price will probably test the barrier of $ 0.4000.
To sum up, the ripple price is positioned well for an upward extension above the $ 0.3850 level. However, if the XRP sellers push the price below $ 0.3690 and $ 0.3660, the price could hardly recover over $ 0.3800 in the short term.
Market data is provided by TradingView, Bitfinex.
