Ripple price is solidifying above key supports against the US Dollar and bitcoin. XRP/USD needs to conquer merchants close $0.3345 to move higher indeed in the close term.
Ripple price started a downward correction yesterday from $0.3460. XRP declined underneath the $0.3300 and $0.3200 support levels. The decline was quite strong, yet the $0.3150 support proved strong enough to stop further losses. The price did not close underneath $0.3150 and stayed well over the 100 hourly SMA. A daily low was formed at $0.3158 and the price then began a new upward move.
Afterward, there was a spike over the $0.3300 resistance level but the price did not close over the $0.3300-0.3310 resistance zone. On the upside, there are two associating bearish pattern lines formed with resistance close $0.3280 on the hourly chart of the XRP/USD. Buyers need to break the $0.3280 and $0.3300 levels to begin a new upward move.
The current week’s bullish pattern line is formed with support at around $0.3250. If there is a downside break underneath the $0.3250 and $0.3220 supports, there could be more losses ahead. The next key support is around $0.3160 and the 100 hourly SMA.
Taking a look at the chart, ripple price is either going to break above $0.3300 or beneath $0.3220. The present price activity is somewhat bearish, with odds of a break beneath $0.3320. If Ripple price is able to stay above $0.3160, there are good chances of the price moving above $0.3350.