Ripple price bounced back recently and broke the $0.3210 resistance against the US Dollar. XRP/USD could continue to move higher towards $0.3750 and $0.3800 in the near term.
- Ripple price broke many barriers and traded above the $0.2980 and $0.3210 resistances.
- Buyers pushed the price above two key bearish trend lines at $0.2890 and $0.2900 on the 2-hours chart.
- XRP is currently trading with a lot of strength and it could accelerate towards $0.3750 or $0.3800.
Ripple Price Analysis
After a slow and steady drop, ripple price found support near the $0.2800 zone against the US Dollar. Later, XRP/USD recovered and formed a support base above the $0.2850 level.
The 2-hour chart indicates that the price started a solid upward move and broke many hurdles, starting with $0.2980 and the 100 simple moving average (2-hours). It cleared the path for more gains and the price rallied above the $0.3040 resistance.
More importantly, there was a break above two key bearish trend lines at $0.2890 and $0.2900 on the same chart. The rally was positive as there was a break and close above the $0.3205-0.3210 resistance zone.
A high was formed at $0.3418 and the price later corrected below the 23.6% Fib retracement level of the recent rally from the $0.2846 low to $0.3418 high. However, the previous resistance near the $0.3210 level acted as support and prevented further declines.
The price is currently following an ascending channel with support at $0.3250. If there is a downside break below the channel support, the price may even break the $0.3210 support.
The next support is near the $0.3130 level and the 50% Fib retracement level of the recent rally from the $0.2846 low to $0.3418 high. On the upside, initial resistance is seen near $0.3350, above which the price is likely to surpass the $0.3418 high and $0.3550.
The current price action is positive above $0.3130 for ripple. If XRP continues to gain strength, there are high chances of it testing the $0.3750 or $0.3800 resistance levels in the near term.