Ripple price corrected lower after hitting the $0.3835 level against the US dollar. XRP could continue to rise considering the recent bullish moves in bitcoin and Ethereum.
- There was a strong buying interest seen near the $0.3515 and $0.3550 levels.
- A crucial bullish trend line is formed with support near $0.3615 on the 30-minute chart.
- XRP price could dip a few points, but it is likely to break the $0.3735 resistance for more gains.
Read: Trade XRP Automatically with Cryptohopper
Ripple Price Analysis
This past week, we saw strong bullish moves in bitcoin, bitcoin cash, litecoin, cardano and Ethereum. Ripple too climbed higher above the $0.3500 resistance level and it recently traded as high as $0.3835 before starting a downside correction.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair corrected lower below the $0.3800 and $0.3735 levels. There was a break below the $0.3600 level and the 25 simple moving average (30-minute chart).
Besides, the price declined below the 50% Fib retracement level of the last wave from the $0.3330 swing low to $0.3835 high. The price traded towards the $0.3500-0.3510 support area, where buyers appeared and protected further declines.
There was also test of the 61.8% Fib retracement level of the last wave from the $0.3330 swing low to $0.3835 high. The price is currently trading higher and it recently climbed above the $0.3620 level and the 25 simple moving average (30-minute chart).
However, the $0.3735 and $0.3740 resistance levels acted as a hurdle and prevented an upside break. On the downside, there is a crucial bullish trend line is formed with support near $0.3615 on the same chart.
Below the trend line, the next major supports are $0.3550 and $0.3510. As long as ripple is trading above the $0.3510 swing low, it is likely to surpass the $0.3735 and $0.3740 resistance levels. In the mentioned case, XRP could start a fresh rally and it might clear the $0.3835 and $0.3880 levels in the near term. On the flip side, a downside break below the $0.3510 swing low could extend correction towards the $0.3440 or $0.3420 levels.
The market data is provided by TradingView, Bitfinex.
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