Ripple price trimmed its recent gains and declined below $0.3280. However, XRP/USD is holding the $0.3200 support and it could bounce back in the near term.
- Ripple price declined recently, but it found a strong support near the $0.3200 area.
- There is a crucial contracting triangle formed with resistance near $0.3240 on the 30-minute chart.
- XRP is likely to break higher and it could accelerate above the $0.3260 and $0.3280 levels.
Ripple Price Analysis
Yesterday, we saw a strong upward move above the $0.3350 level in ripple price after the Coinbase Pro listing announcement. However, XRP/USD failed to hold gains and later trimmed gains to move below the $0.3350 and $0.3280 support levels.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair even broke the $0.3225 support and the 25 simple moving average (30-minute chart). However, the $0.3180-0.3200 support area acted as a major barrier for sellers.
A low was formed at $0.3172 and later the price started an upside correction. At the moment, the price is testing a significant resistance near the $0.3220 level. More importantly, there is a crucial contracting triangle formed with resistance near $0.3240 on the same chart.
The $0.3240 resistance coincides with the 25 simple moving average (30-minute chart) and the 23.6% Fib retracement level of the recent decline from the $0.3474 high to $0.3172 low.
Should ripple buyers succeed in gaining strength above $0.3240 and $0.3250, the price could accelerate towards the $0.3280 and $0.3300 resistance levels. The next key resistance is at $0.3320 and the 50% Fib retracement level of the recent decline from the $0.3474 high to $0.3172 low.
On the other hand, if there is a downside break below the $0.3200 and $0.3180 supports, sellers are likely to gain control. The next stop could be $0.3100 and $0.3050. Overall, ripple seems to be preparing for the next break either above $0.3240 or below $0.3180. The price action is positive and there are high chances of an upside break above $0.3240 and $0.3260 in XRP in the near term.
The market data is provided by TradingView, Bitfinex.
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