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XRP Price Analysis: Ripple Bulls ready for action?

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Technical Indicators

Support Level: $0.3080

Resistance Level: $0.3200

  • XRP price found good support around $0.3020 levels against the US dollar.
  • Yesterday’s declining channel was broken with resistance around $0.3110 on the hourly chart of the XRP/USD.
  • Ripple is as of now trading inside a transient triangle with resistance at $0.3155.
  • XRP price could move over the $0.3200 resistance level in short term.

XRP price is currently showcasing positive signs against the US Dollar as well as bitcoin. Ripple broke a major resistance and it could keep on ascending towards $0.3200 and $0.3250.

 

Ripple Price Analysis

Recently, we saw the XRP price decrease underneath the $0.3200 and $0.3150 supports against the US Dollar. Ripple pair even moved beneath the $0.3000 support and traded as low as $0.2980. Afterward, XRP price began an upward correction and moved over the $0.3050 resistance.

Later on, the price picked up momentum and broke the $0.3100 resistance and the 100 hourly SMA. In addition, yesterday’s declining channel was broken with resistance around $0.3110 on the hourly chart of the XRP/USD. Ripple tested the $0.3150 resistance. Right now, the XRP price is trading inside a transient triangle with resistance at $0.3155. A resistance is formed around $0.3185.

If there is a break over the $0.3200 resistance level, the price could keep on moving higher. The next resistance is close to the $0.3250 level. If the price neglects to move above $0.3150, it could decrease towards the $0.3050 support. The next support is at $0.3000, underneath which XRP price could turn bearish.

XRPUSD Price Chart
XRPUSD Price Chart

The chart shows that Ripple price is right now trading in a positive zone over the $0.3050 and $0.3080 supports. Buyers need to pick up pace above $0.3150 in order to move into a bullish zone in short term.

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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