Ripple Price Analysis: XRP ready to surge?

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.

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