Support Level: $0.3100
Resistance Level: $0.3200
- Ripple price started a bullish momentum and moved above $0.3100 which has now turned into a support level.
- Ripple price tested the $0.3200 resistance level but could not cross above $0.3198.
- The price started a downward correction later but the support in the downside is quite strong which stopped further losses.
- XRP is probably going to start accelerating more gains once it breaks the resistance around $0.3200.
Ripple price is clearly in a bullish zone. XRP could soon break the $0.3200 resistance in order to test the next major resistance around $0.3300.
Ripple Price Analysis
Ripple price recovered nicely after breaking the $0.3100 resistance level. The bullish momentum was able to break the $0.3120 resistance and the 100 hourly SMA. The price even tested the $0.3200 resistance level but the massive selling pressure around this point moved the price downwards after reaching a high of $0.3198.
As the price corrected downwards, the $0.3160 support was broken. However, the $0.3140 support proved strong and stopped further losses. The price was able to recover upwards and is currently trading nicely above $0.3160. XRP price could continue its upward move and soon break the $0.3200 resistance level to test the next resistance around $0.3300. However, if the current support is broken, the next support lies at $0.3080.
The chart shows that XRP price is currently in a bullish momentum trading nicely above $0.3100 support. The price might test the $0.3200 resistance level soon. However, if there is a downward break, the next major support and 100 hourly SMA lies at $0.3080 below which the momentum will turn bearish.