The price of ripple broke resistance levels of $ 0.3740 and $ 0.3940. XRP / USD traded towards the $ 0.4080 level and subsequently started a downward correction.
- The price of the ripple was traded higher and stood above the resistance level of $ 0.3740.
- There is a key trusting trend line in place with support for $ 0.3730 on the 30-minute chart.
- The XRP price must exceed the resistance of $ 0.3940 to resume its move to the top.
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Price analysis of undulations
Yesterday we discussed that the price of ripple would probably increase gains above the $ 0.3700 level. The price rose higher and broke some resistance near the levels of $ 0.3730 and $ 0.3780.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair formed support close to $ 0.3460 and then surpassed the levels of $ 0.3650 and $ 0.3780. Buyers took control above $ 0.3780, resulting in higher gains above the levels of $ 0.3940 and $ 0.4000.
A new weekly maximum was formed at $ 0.4075 and thereafter the price started a downward correction. It has fallen below $ 0.340 and a rising channel on the same chart. Furthermore, there was a break below the fiber retracement level of 23.6% of the last wave, from $ 0.3460 downwards to $ 0.4075 at the top.
Also, there was a close below $ 0.3940 and a simple 25-minute (30-minute) average. However, there are many strong supports on the negative side above the $ 0.3700 level.
Initial support is close to the $ 0.3780 level and the 50% Fiber retracement level of the last wave from the low of $ 0.3460 to $ 0.4075 maximum. There is also a key trusting trend line in place with support for $ 0.3730 on the same chart.
Therefore, if the price corrects lower, it will most likely find support near the $ 0.3780 and $ 0.3740 level. Below $ 0.3740, the price could extend the correction to the $ 0.3615 level.
Overall, the ripple price has moved into a bullish zone, with a close above the $ 0.3740 level. To regain bullish momentum, XRP buyers must cancel the resistance of $ 0.3940 and 25 SMA. The next major resistance is at $ 0.4080, above which the price will most likely test $ 0.4250 in the near term.
Market data is provided by TradingView, Bitfinex.