Ripple price started a steady rise from the $0.3800 support area. XRP is now above $0.4000 and it might continue to rise above the $0.4100 and $0.4200 in the coming sessions.
- The price is showing positive signs above the $0.4000 pivot level.
- XRP is following an ascending channel with support near $0.4010 on the 30-minute chart.
- Ripple price is gaining momentum and it could accelerate above the $0.4100 resistance.
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Ripple Price Analysis (XRP to USD)
In the past few sessions, there was a sharp recovery in bitcoin price, Ethereum price and ripple price. XRP/USD formed a strong support base near the $0.3800 and $0.3850 levels. As a result, there was a steady rise above the $0.3900 and $0.3960 resistance levels.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair gained momentum after it broke the $0.3960 resistance area. Moreover, there was a close above the $0.4000 level and the 25 simple moving average (30-minute chart).
The price even spiked above $0.4100 and a new weekly high was formed at $0.4106. Recently, there was a downside correction below the $0.4040 level and the 23.6% Fib retracement level of the upward move from the $0.3835 swing low to $0.4106 high.
On the downside, there are many supports above $0.4000 and the 25 simple moving average (30-minute chart). There is also an ascending channel in place with support near $0.4010 on the same chart.
If there is a downside break below the $0.4000 support, the price could test the $0.3970 level. It represents the 50% Fib retracement level of the upward move from the $0.3835 swing low to $0.4106 high.
The main support is near the $0.3940 level and a bullish trend line on the same chart. Moreover, the 61.8% Fib retracement level of the upward move from the $0.3835 swing low to $0.4106 high is also near the trend line.
Therefore, if there is a downside correction, the $0.4000 and $0.3940 levels are likely to act as strong buy zone for ripple in the near term. On the upside, the main targets could be $0.4150 and $0.4220.
The market data is provided by TradingView, Bitfinex.
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Source: blockonomi.com
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