Technical Indicators:
Support Level: $0.3100
Resistance Levels: $0.3200, $0.3250
Key Points:
- Ripple price started a bull rally and was able to break through a lot of resistance around $0.3100.
- Ripple price was able to settle over the $0.3100 resistance level and the 100 hourly SMA.
- XRP was also able to break through the bearish pattern line which was formed at resistance around $0.3080 on the hourly chart.
- XRP tested the $0.3250 resistance level before crashing downwards.
Ripple Price Analysis:
Summary: Ripple price started trading with bullish momentum recently before correcting downwards. However, XRP is currently situated well over the $0.3100 support and could soon start the bull rally again.
After falling down sharply recently, XRP started to rise up steadily after finding good support around $0.3040 and $3050. After starting an upward momentum, Ripple price broke the $3080 resistance level in order to move into a bullish zone.
XRP was able to break through the bearish pattern line that was formed with resistance at $3080 on the hourly chart after which the rally continued breaking many resistances such as $0.3100, $0.3150 and the 100 hourly SMA. The price even moved above the $0.3200 resistance level and tested the $0.3250 resistance which was strong enough to push the price downwards. XRP price soon moved below $0.3200.
The previous resistance around $0.3100 has now turned into crucial support which is helping Ripple price to move upwards. The 100 hourly SMA also lies at this point. If XRP is able to maintain its position above this range for the long term, then a bull rally may be upfront.
The chart shows that XRP price is currently in bullish momentum. There are a few hurdles in between which could create dips. However, if Ripple is able to break through the $0.3200 and $0.3250 resistance levels, it could soon turn extremely bullish.
