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The price of the ripple is trading well above the support of $ 0.3560 at a bullish angle. XRP must break the resistance of $ 0.3780 to revisit the key obstacle $ 0.3950.
- The price of ripple formed a support base near $ 0.3560 and subsequently moved higher above $ 0.3640.
- There is a bearish trend line in place with resistance at $ 0.3770 on the 30-minute chart.
- XRP must clear resistance levels of $ 0.3770 and $ 0.3800 to trade for $ 0.3950.
Price analysis of undulations
Recently, there was a slow and steady decline from the resistance levels of $ 0.3950 and $ 0.4000 in ripple. The XRP has declined and traded below the support level of $ 0.3800 to move to a bearish zone.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair even broke the $ 0.3650 support and traded at $ 0.3561. Subsequently, a support base near $ 0.3560 and the price started an upward move. It broke the resistance of $ 0.3650 and the Fib retracement level of 23.6% from the last decline from $ 0.3896 high to $ 0.3561 low.
Furthermore, there was a close above the $ 0.3680 level and the simple 25-minute (30-minute) average. However, the price is currently struggling to clear the resistance zone of $ 0.3770-0.3780.
Furthermore, the 61.8% retracement level of Fib in the last decline from the low of $ 0.3896 to $ 0.3561 low is also acting as a solid resistance for buyers. Therefore, in order to achieve greater gains, a proper interruption and closure above the trendline is required and $ 0.3780.
The next resistance is at $ 0.3800, above which the price could continue to rise towards resistance levels $ 0.3950 and $ 0.4000. Should there be an outage above $ 0.4000, the price could continue to accelerate towards the resistance of $ 0.400.
Overall, the ripple appears to have prepared for an upward break above the $ 0.3800 resistance. On the other hand, if there is a downward movement in XRP, the price may find support near $ 0.3650 or $ 0.3620. Below this, there are chances that the price can revisit the support base of $ 0.3560. The main support is positioned at $ 0.3550, below which the price could fall to $ 0.3300.
Market data is provided by TradingView, Bitfinex.
