Ripple price found a strong buying interest near $0.3100 against the US Dollar and climbed higher. XRP/USD is now trading with a bullish bias and it could trade towards $0.3800.
Key takeaways
- Ripple price formed a support base near $0.3100 and rebounded higher.
- XRP/USD surpassed a bearish trend line with resistance at $0.3400 on the 2-hours chart.
- XRP price is moving nicely in a positive zone and it could trade higher towards $0.3600 and $0.3800.
Ripple technical analysis
There were a couple of swing moves towards the $0.3100 and $0.3120 levels in ripple price against the US Dollar. XRP/USD found a strong buying interest, resulting in an upward move above the $0.3200 and $0.3300 resistance levels.
The 2-hours chart indicates that the price topped near the $0.3800 level once and corrected lower. There was a decline below the 38.2% Fibonacci retracement level of the last wave from the $0.2455 low to $0.3804 swing high.
However, the price found a strong buying interest near $0.3100 and $0.3120 levels. Moreover, the 50% Fibonacci retracement level of the last wave from the $0.2455 low to $0.3804 swing high also prevented further slides.
A fresh upside wave was initiated and the price climbed above the $0.3250 resistance. There was also a break above a bearish trend line with resistance at $0.3400 on the same chart. The price spiked towards the $0.3600 level before retreating a few points.
It seems like the recent upside break above $0.3400 was positive, resulting in a change in the trend. In the short term, there could be a downside correction towards the $0.3300 level, but dips remain supported.
Below $0.3300, the price is likely to test the most important support at $0.3100/20. Moreover, the 100 simple moving average (2-hours) is also positioned near the $0.3120 level to act as a buy zone.
Therefore, dips from the current levels are likely to find buyers on the downside 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 doors for more gains towards the $0.3800 level.
Also, read: XRP Price Beats Rivals Amid Manipulation Speculation & Binance Rumour Mill Amplifying
