Ripple price is consolidating losses above the $0.3175 support area. XRP may soon make the next move either above $0.3260 or below $0.3175 and $0.3150.
- Ripple price is finding a strong buying interest above the $0.3175 and $0.3150 supports.
- There is a crucial contracting triangle formed with resistance at $0.3240 on the 30-minute chart.
- XRP could climb higher sharply if there is a proper break above $0.3240 and $0.3260.
Ripple Price Analysis
Yesterday, there was a major decline below the $0.3320 support level in ripple price. Bitcoin, Ethereum, bitcoin cash and other cryptocurrencies also declined heavily. Later, XRP recovered a few points and started consolidating losses above the $0.3150 support.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair traded as low as $0.3154 and later started an upside correction. The price recovered above the $0.3175 and $0.3220 resistance levels. Moreover, there was a break above the $0.3250 level and the 25 simple moving average (30-minute).
Besides, the price spiked above the 23.6% Fib retracement level of the last drop from the $0.3380 swing high to $0.3154 low. However, the recovery faced a solid resistance near the $0.3270 and $0.3275 levels.
More importantly, the 50% Fib retracement level of the last drop from the $0.3380 swing high to $0.3154 low prevented additional gains. As a result, there was a fresh decline and the price tested the $0.3175 support area.
At the moment, the price is consolidating above the $0.3175 support and it seems like there is a crucial contracting triangle formed with resistance at $0.3240 on the same chart. If there is an upside break above the triangle and the $0.3260 resistance, the price could recover towards the $0.3300 and $0.3320 resistance levels.
The main resistance for ripple buyers is at $0.3380, above which the price might test $0.3500. On the other hand, if XRP declines below the $0.3175 and $0.3150 supports, there could be heavy losses in the near term. The next stops could be $0.3120, $0.3080 and $0.3025.
The market data is provided by TradingView, Bitfinex.
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