Technical Indicators:
Support Level: $0.3150
Resistance Level: $3200
Key Points:
- Ripple price is currently trading in positive momentum, however, there are a lot of hurdles on the way.
- XRP has good support around $0.3100.
- Ripple price broke the resistance around $0.3150, however, the major resistance lies at $0.3200.
- XRP was able to break through a bearish pattern that was formed with resistance at $0.3150 on the hourly chart.
- The price is currently facing a major resistance around $0.3200 which is pushing the price downwards
Ripple Price Analysis
Summary: Ripple price was unable to cross through the $0.3200 resistance level and hence corrected downwards. However, the overall momentum is still bullish and XRP will probably rise higher in the short term.
Ripple is currently in a bullish momentum with support at $0.3200. XRP was able to break the $0.3120 and $0.3140 resistance to move higher. XRP was also able to close above the 100 hourly SMA. Also, Ripple was broke through a bearish pattern line that was formed with resistance at $0.3150 on the hourly chart.
Ripple price also went above $0.3180 resistance level, however, when XRP tested the major resistance around $0.3200, it was strong enough to push the price back downwards. A nice support is formed at $0.3150 which was earlier the resistance level and is now stopping the price from further falling. If XRP is able to remain above $0.3150, it might break through the $0.3200 resistance soon.
The chart shows that Ripple price is currently struggling to break through the $0.3200 resistance zone. If XRP falls below $0.3150 support level, it might result in a sharp drop. However, if XRP is able to break through the resistance soon, there are chances of the price testing the $0.3300 resistance soon.
