Technical Indicators:
Support Level: $0.3000
Resistance Level: $0.3200
Key Points:
- Ripple price started to surge upwards and broke through $0.3000 resistance level.
- Following BTC and ETH, XRP also surged more than 4% in the last 24 hours.
- A bearish pattern is being formed with resistance around $0.3085 on the hourly chart.
- Ripple price will most likely move ahead to test the $0.3200 resistance level in the short term
Ripple Price Analysis:
Summary: Ripple price recovered nicely against both BTC and USD. XRP is currently trading with a bullish momentum above $0.3000 support level moving towards $0.3200 resistance zone.
After facing a bear attack, Ripple price found a strong support near $0.2850 and was able to recover upwards after testing this level. XRP was able to quickly break above $0.2900 resistance level to move into a positive zone. Ripple price was also able to close well above the 100 hourly SMA and $0.2920 resistance zone.
Ripple price broke above the major resistance around $0.3000 and was able to rise up to $0.3088 before correcting downwards. However, strong support is formed around $0.3000 level (the previous resistance level) which might stop any further losses. The next support lies around $0.2960 and $0.2950. XRP will most likely test the $0.3100 resistance level soon in order to move further towards $0.3175 and $0.3200 resistance levels.
The chart shows that XRP is currently in a bullish momentum with signs of further gains above $0.3000 support level. XRP could correct downwards to test the $0.3000 and $0.2950 support levels in the short term, however, the overall momentum seems bullish and later XRP might test $0.3100 and $0.3200 resistance levels in order to move ahead.
