Ripple Price Analysis

Ripple (XRP) Price Analysis: Bullish Above $0.3030, Targets $0.3400

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.

Ripple Price  Analysis XRP Chart

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.

About author

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets Reach Aayush via email: aayushjindal@ethereumworldnews.com
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