The price of the ripple has found a strong buying interest close to $ 0.3100 compared to the US dollar and has risen higher . The XRP / USD is now trading with a bullish upside and could trade towards $ 0.3800.
Take away key
- The price of ripple formed a support base near $ 0.3100 and rebounded higher.
- The XRP / USD passed a downtrend line with resistance at $ 0.3400 on the 2-hour chart.
- The XRP price is moving well in a positive zone and could trade higher towards $ 0.3600 and $ 0.3800.
Technical analysis Ripple
There were a couple of oscillations moving towards the levels of $ 0.3100 and $ 0.3120 in ripple compared to the US dollar. The XRP / USD found a strong buying interest, with a rise above the resistance levels of $ 0.3200 and $ 0.3300.
The 2-hour chart indicates that the price has risen close to the $ 0.3800 level once and corrected lower. There was a decline below the Fibonacci retracement level of 38.2% of the last wave, from $ 0.2455 down to $ 0.3804 in the swing.
However, the price found a strong buying interest at around $ 0.3100 and $ 0.3120 levels. In addition, the 50% Fibonacci retracement level of the last wave from the low of $ 0.2455 to $ 0.3804 prevented further slides.
A new wave of upswing has started and the price has risen above the resistance of $ 0.3250. There was also a break above a bearish trend line with resistance at $ 0.3400 on the same chart. The price has risen to $ 0.3600 before posting a few points.
It appears that the recent upside break above $ 0.3400 was positive, leading to a change in the trend. In the short term, there may be a downward correction for the $ 0.3300 level, but the dives remain supported.
Below $ 0.3300, the price will probably test the most important support at $ 0.3100 / 20. In addition, the simple moving average of 100 (2 hours) is positioned near the $ 0.3120 level to act as a purchase area.
Therefore, the lows compared to current levels could find downward buyers near $ 0.3200, $ 0.3120 and $ 0.3105. On the upside, the $ 0.3600 level is a key resistance for ripple buyers. A break above the $ 0.3600 resistance will most likely open the door for further gains towards the $ 0.3800 level.
In addition, read: XRP Price Beats Rivals Amid Manipulation Speculation & Binance Rum Amplifying Mill