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
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Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]
