Ripple price is showing positive signs above the $0.3280 level against the US dollar. XRP price is gaining pace and it seems like the price may rebound towards the $0.3400 resistance.
- There was a decent support formed near the $0.3220 level and the price recently recovered.
- There was a break above a key bearish trend line with resistance near $0.3540 on the 30-minute chart.
- XRP price is showing positive signs above $0.3300 and it seems like there could be more gains towards $0.3400.
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Ripple Price Analysis (XRP to USD)
After a sharp downside correction, most cryptocurrencies (bitcoin, Ethereum, bitcoin cash, litecoin, cardano, tron and ripple) started consolidating losses. XRP price formed support above $0.3220 and $0.3240 and it recently climbed above $0.3280 and $0.3300.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.3179 and later started consolidating losses. Later, there were swing moves near $0.3220 and $0.3240. Finally, there was a decent upward move above the $0.3280 resistance and the 25 simple moving average (30-minute chart).
Besides, there was a break above a key bearish trend line with resistance near $0.3540 on the same chart. The price also climbed above the 23.6% Fib retracement level of the last drop from the $0.3633 high to $0.3179 low.
Ripple settled above the $0.3300 level and the 25 simple moving average (30-minute chart), which is a positive sign. The current price action is positive and it seems like the price may continue to rise towards the $0.3400 level.
The 50% Fib retracement level of the last drop from the $0.3633 high to $0.3179 low is also near the $0.3400 level to act as a strong resistance. The main resistance is near the $0.3460, which was a major support earlier and now it could act as a strong resistance.
Overall, the current price action is positive above the $0.3280 level and $0.3300. Ripple price might continue to climb towards $0.3400 or $0.3460. Conversely, a downside break below $0.3280 may push XRP towards $0.3220.