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The price of the ripple is consolidating losses above the support area of $ 0.3175. XRP may soon make the next move above $ 0.3260 or below $ 0.3175 and $ 0.3150.
- The price of the ripple is finding a strong interest in the purchase over the supports of $ 0.3175 and $ 0.3150.
- C & # 39; is a crucial contractual triangle formed with resistance at $ 0.3240 on the 30-minute chart.
- The XRP could rise higher sharply if there is a correct break above $ 0.3240 and $ 0.3260.
Ripple Price analysis
Yesterday, there was a sharp decline below the support level of $ 0.3320 in ripple. Bitcoin, Ethereum, bitcoin money and other cryptocurrencies have also fallen heavily. Subsequently, XRP recovered some points and began to consolidate losses above the $ 0.3150 support.
Click to enlarge the chart
Looking at the 30-minute XRP / USD chart, the pair traded at $ 0.3154 and then started an upward correction. The price recovered above the resistance levels of $ 0.3175 and $ 0.3220. Also, there was a break above the $ 0.3250 level and the 25 simple (30 minute) moving average.
In addition, the price rose above the Fib retracement level of 23.6% of the last drop from the minimum of $ 0.3380 to $ 0.3154 minimum. However, the recovery had to face solid resistance near the levels of $ 0.3270 and $ 0.3275.
More importantly, the 50% fiber retracement level of the last drop from the low of $ 0.3380 to $ 0.3154 prevented further gains. As a result, there was a new decline and the price tested the support area of $ 0.3175.
At the moment, the price is consolidating above the support of $ 0.3175 and there seems to be a crucial contractual triangle formed with resistance at $ 0.3240 on the same chart. If there is a bullish break above the triangle and resistance of $ 0.3260, the price could recover towards resistance levels of $ 0.3300 and $ 0.3320.
The main resistance for buyers of ripple is $ 0.3380, beyond which the price could test $ 0.3500. On the other hand, if the XRP falls below the supports of $ 0.3175 and $ 0.3150, there could be serious short-term losses. The next stops could be $ 0.3120, $ 0.3080 and $ 0.3025.
Market data are provided by TradingView, Bitfinex.
