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The price of the ripple formed a support base close to $ 0.3000 and recovered recently. The XRP / USD could rise slowly higher towards $ 0.3205 or $ 0.3250 in the short term.
- The price of the ripple is trading well above the support level of $ 0.3000.
- There was a break above an important bearish trend line with resistance at $ 0.3070 on the 30-minute chart.
- It is likely that the XRP price will rise higher towards $ 0.3205 and $ 0.3250 if buyers remain in stock.
Price analysis of undulations
Yesterday, there was a 'bearish extension' under the support of $ 0.3080 in ripple. The sellers pushed the price towards the $ 0.3000 key support, which acted as an obstacle and prevented losses.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair traded at $ 0.3002 and then started a new upward move. The price gained momentum above the $ 0.3050 level and the 25 simple (30 minute) moving average.
It traded above the 23.6% retracement level of the recent decline from the low of $ 0.3407 to $ 0.3002 minimum. Furthermore, there was a break above an important bearish trend line with resistance at $ 0.3070 on the same chart.
The price is now positioned well above the $ 0.3070 level and seems to continue to rise in the short term. The next stop for buyers could be $ 0.3205. Represents the 50% Fibra retracement level of the recent decline from $ 0.3407 upwards to $ 0.3002 below.
Above $ 0.3205, the price will likely be traded towards the key resistance level of $ 0.3250. On the downside, initial support is close to $ 0.3080 and $ 0.3070. If buyers can not defend $ 0.3070, the price can revisit the key support level $ 0.3000.
In the short term, the price could rise to $ 0.3205 before a downward correction. However, as long as the ripple price is higher than the $ 0.3000 support, there is a possibility of a push towards $ 0.3250 or $ 0.3320.
The current price action is positive for both XRP and ETH. However, it will not be easy for buyers to protect important media such as $ 0.3070 and $ 0.3000 in ripple.
Market data is provided by TradingView, Bitfinex.
