Ripple price is likely preparing for a major bullish break above the $0.3030 and $0.3035 resistances. XRP buyers are likely to take control above $0.3050 for a push towards $0.3400.
Key Talking Points
- Ripple price is forming a solid support near $0.2900 for an upside break against the US Dollar.
- XRP/USD is likely to break a crucial bearish trend line with resistance at $0.3000 on the 2-hours chart (Data feed via Bitstamp).
- XRP price may accelerate gains above the $0.3050 and $0.3150 in the near term.
Ripple Price Forecast
There was a nasty decline from the $0.3800 and $0.3580 resistance levels in ripple price against the US Dollar. The XRP/USD pair even broke the $0.3260 and $0.3150 support levels to enter a bearish area.
Looking at the chart, the price recently broke the $0.3000 level and it is currently well below the 100 simple moving average (2-hours). The price traded as low as $0.2865 and later started consolidating losses.
A support base formed near $0.2900 and it seems like the price could climb higher in the near term. The first barrier is near a crucial bearish trend line with resistance at $0.3000 on the same chart.
Above the trend line, the price may test the 23.6% Fib retracement level of the recent drop from the $0.3588 high to $0.2865 low. However, once there is a proper close above the trend line and $0.3035, there could be a solid upward move.
The next key hurdle for buyers is near the $0.3150 level and the 100 simple moving average (2-hours). Above $0.3150, the price may test the $0.3220 level and the 50% Fib retracement level of the recent drop from the $0.3588 high to $0.2865 low.
The final target for buyers could be $0.3400, which is a major pivot area. On the flip side, if there is a break below the $0.2900 support and the $0.2865 low, ripple price may slide further towards $0.2500. The overall price action is positive for ripple as long as the price is above $0.2900.
The market data is provided by TradingView.
