Ripple price extended the downside correction below the $0.3100 support. XRP tested the $0.3000 support area and bounced back above $0.3050, with a bullish angle.
- Ripple price traded below the $0.3100 and $0.3050 support levels before buyers protected $0.3000.
- There is a crucial bearish trend line formed with resistance at $0.3090 on the 30-minute chart.
- XRP could bounce back if it breaks the $0.3080 and $0.3100 resistance levels.
Ripple Price Analysis
There was a slow and steady decline in ripple price from well above the $0.3150 level. XRP to USD declined below the $0.3120 and $0.3100 support levels to move into a bearish zone.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair even broke the $0.3050 support and the 25 simple moving average (30-minute). However, the $0.3000-0.3010 area acted as a strong support and prevented further declines.
A low was formed at $0.3010 and later the price bounced back above $0.3040 and $0.3050. It is currently trading near the $0.3070 level, the 25 simple moving average (30-minute), and the 50% Fib retracement level of the recent drop from the $0.3126 high to $0.3010 low.
However, the main resistance on the upside is near the $0.3100 area. There is also a crucial bearish trend line formed with resistance at $0.3090 on the same chart. The trend line coincides with the 61.8% Fib retracement level of the recent drop from the $0.3126 high to $0.3010 low.
If there is a successful break above $0.3100, the price could surpass the $0.3126 swing high for a decent upward move. The next key resistance above $0.3126 is near the $0.3160 and $0.3165 levels. On the flip side, if buyers fail to gain strength above $0.3100, the price could decline once again.
An initial support is near the $0.3050 level, below which ripple price will most likely revisit the $0.3000 support area. The overall price action is positive as long as XRP is trading above $0.3000 and Ethereum price stays above $120.00.
The market data is provided by TradingView, Bitfinex.