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The price of ripple has recently reorganized and broke resistance of $ 0.3120 against the US dollar. The XRP / USD is now positioned well in a positive zone and could exceed $ 0.3400.
Key discussion points
- The price of ripple broke a crucial resistance at $ 0.3120 and stabilized above the US dollar.
- break above a bearish trend line with resistance at $ 0.2800 on the 2-hour chart of the XRP / USD pair (data flow via Bitstamp).
- The XRP price is consolidating above the pivot level of $ 0.3120 and looks set to further gains.
Ripple Price Forecast
This week there was a sharp increase in the price of Ripple from the support area of $ 0.2650 compared to the US dollar. The pair XRP / USD started a solid upward move and exceeded the resistance levels $ 0.2840 and $ 0.3120.
Looking at the chart, the price has eliminated many major obstacles and positioned above the resistance of $ 0.3120 plus the 100 SMA (2 hours). Also, there was a break above the resistance of $ 0.3200 and the price was trading at $ 0.3347.
During the rise, there was a break above an important bearish trend line with resistance at $ 0.2800 on the 2 hour chart of the XRP / USD pair. These are all positive signs above $ 0.3000 and the price seems to consolidate currently in a range above $ 0.3120.
The previous resistance near the $ 0.3120 level is now acting as a strong support for buyers. However, there was a break below the 23.6% Fibra retracement level of the recent wave from the low of $ 0.2660 to $ 0.3347.
However, the disadvantages were limited by the $ 0.3120 support and Fib 38.2% retracement level of the recent wave from $ 0.2660 downward to $ 0.3347 high.
As long as the price is higher than the support area of $ 0.3120, there may be further short-term range shifts. On the upside, if the price of ripple exceeds the maximum of $ 0.3347, there may be greater gains towards the levels of $ 0.3400 and $ 0.3500. On the other hand, below $ 0.3120, the price could perhaps test $ 0.3020.
Market data is provided by TradingView.
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