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Ripple Price Analysis: Will XRP recover?

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Technical Indicators:

Support Level: $0.29
Resistance Level: $0.31

 

Key Points:

  • Ripple was facing a bearish momentum from the past couple of weeks but recently started to correct upwards against USD.
  • Ripple broke the key resistance around $0.3 to move upwards on the 24-hour chart.
  • Ripple price is likely to recover above $3.05 and face the new key resistance around $3.1 and $0.32.

Ripple is currently in recovery mode with the price starting to gain momentum above $0.3. The price may recover higher in short-term and will likely face the resistance between $0.31 and $0.32.

 

Ripple Price Analysis

Ripple formed a new support around $0.29 and started to recover above $0.3. The coin is currently in a positive zone and likely to show more recovery against USD. As the price is moving upwards there are quite a few supports between $0.29 and $0.3 which are helping the price to recover.

XRPUSD monthly chart
XRPUSD monthly chart

As long as the support above $0.29 is robust, the price will recover more. The key resistance is at $0.31 and Ripple may try to break this point in short-term and will likely move above this range if the buyers remain in pace. In the monthly chart, however, Ripple is still in a bearish zone and may not be able to recover back to its monthly high for a long time. Ripple is currently trading at $0.30801 whereas the monthly high is above $0.52 which is nearly impossible to reach in short term.

 

 

Note: The following article is not a financial advice and only depicts the viewpoints of the writer. The readers are advised to do their own research and analysis before investing or trading in any digital assets such as XRP. 

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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