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The price of ripple broke significantly resistance at $ 0.3050 and rallied above $ 0.3250. The recent bullish break paved the way for further gains above $ 0.3550 and $ 0.3800.
- The price of the ripple gained momentum after it broke the resistance from $ 0.3000 and $ 0.3020.
- A short-term breakout model is formed with support for $ 0.3450 on the 30-minute chart.
- The XRP could correct downwards towards $ 0.3400 or $ 0.3330 before a new upward move.
Price analysis of undulations
Yesterday we witnessed significant resistance near the levels of $ 0.3000 and $ 0.3020 in ripple. Buyers have recently taken control and pushed all major cryptocurrencies higher, including bitcoin, xrp, Ethereum and other altcoins.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair broke the key $ 0.3000 and $ 0.3020 resistance levels, opening the door for a bullish break. The price has soared and broke resistance levels of $ 0.3150, $ 0.3250 and $ 0.3400.
It even stabilized above $ 0.3400 and the 25-minute (30-minute) moving average. A new weekly high was formed at $ 0.3540 and the price is currently falling. It broke the Fiber retracement level by 23.6% of the recent wave from $ 0.3265 low to $ 0.3540 high.
In addition, there is a short-term breakout model with support for $ 0.3450 on the same chart. It seems that the price can break the triangle's support and decrease towards the support level of $ 0.3400 or $ 0.3330.
The 61.8% retracement level of recent wave fiber from the low of $ 0.3265 to $ 0.3540 to $ 0.3370 could be strong support. If there are further drops, the price could test the key support at $ 0.3200 (previous support). It also coincides with the recent wave 1.236 Fib extension level, from $ 0.3265 low to $ 0.3540 high.
Overall, the current technical structure is very positive above $ 0.3400 and $ 0.3200 for ripple. There may be a short-term downward correction in XRP, but the price remains close to $ 0.3400 and $ 0.3200. On the upside, the next bullish targets could be $ 0.3650 and $ 0.3800.
Market data is provided by TradingView, Bitfinex.
