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Ripple Price Analysis: XRP ready to surge?

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Technical Indicators:

Support Level: $0.3070

Resistance Level: $0.3200

 

Key Points:

  • Ripple price is well situated above the $0.3070 support level.
  • There is a strong resistance formed around $0.3200 against the US dollar.
  • Ripple price will most likely start a bullish momentum and move over $0.3200 in the short term.

 

Ripple Price Analysis:

Summary: Ripple price is currently preparing for a bull run against both USD and Bitcoin. XRP will most likely move towards $0.3300 once the current resistance is broken.

XRP price moved downwards recently breaking the $0.3060 and $0.3050 support levels. Ripple tested the $0.3020 support which was strong enough to push the price upwards. The price moved above $0.3100 soon, however, the selling pressure increased around $0.3170. The price again started to correct downwards and broke below the $3130 support level. The price even fell further after breaking the $0.3100 support and 100 hourly SMA.

XRPUSD Price Chart
XRPUSD Price Chart

Ripple price is currently in an upward momentum above $0.3100 support and 100 hourly SMA. XRP will either move over $0.3130 resistance level which was previously the support or move below the current support of $0.3100. However, the major resistance lies at $0.3200 above which Ripple price might turn bullish. However, if the current support is broken, XRP might fall to $0.3050.

The chart shows that XRP is currently in trying to gain momentum in order to move upwards. The $0.3070 level is acting as strong support. If XRP breaks through the $0.3130 resistance, it will most likely test the major resistance at $0.3200 above which the price will turn bullish. However, if the current support is broken, XRP might fall to the next support around $0.3050.

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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