The key inversion could trigger further gains


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.

Ripple XRP Price

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.

XRP chart of ripple price analysis

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.

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