Ripple Price Analysis: XRP/USD Could Climb Above $0.3400
Ripple price decline remained supported near $0.3050-0.3100 against the US Dollar. XRP/USD is showing positive signs and it could move above $0.3350 and $0.3400.
Key Talking Points
·Ripple price is trading above the $0.3050 and $0.3090 support levels against the US Dollar.
·There was a break below a key bullish trend line with support at $0.3360 on the 2-hours chart of the XRP/USD pair (Data feed via Bitstamp).
·XRP price trading with bullish moves above $0.3000 and the 100 SMA (2-hours).
Ripple Price Forecast
After a decent rise above the $0.3600 level, Ripple price faced sellers near the $0.3700 level against the US Dollar. The XRP/USD pair formed a short-term top near the $0.3735 level and later started a downside move.
Looking at the chart, the price declined below the $0.3450 level and settled below the $0.3500. There was also a break below the 38.2% Fib retracement level of the last wave from the $0.2452 low to $0.3739 high.
Moreover, there was break below a key bullish trend line with support at $0.3360 on the 2-hours chart of the XRP/USD pair. The pair tested the $0.3050 and $0.3090 support levels, which acted as a solid buy zone. The 50% Fib retracement level of the last wave from the $0.2452 low to $0.3739 high is also a decent support.
Additionally, the 100 SMA (2-hours) is acting as a pivot zone and it could act as a catalyst for an upside move above the $0.3400 and $0.3500 levels.
Should there be a break below the $0.3090 and $0.3050 support levels, there could be more losses in the near term. The next important support is $0.2900, below which, the price may perhaps trade towards the $0.2800 level.
On the upside, the $0.3400 level is an initial resistance, above which, the price could test the $0.3500 level. Overall, the market sentiment is bullish above the $0.3090 level, which will most likely push ripple price towards the $0.3500 level in the near term.