Technical Indicators:
Support Level: $0.3080
Resistance Level: $0.3170
Key Points:
- XRP price stayed over the major support of $2970 to jumped upwards against the US dollar.
- XRP price gained bullish force to move over the $0.3030 resistance level.
- XRP price even broke the bearish pattern line that was formed around $0.3030.
- However, the selling pressure was increased around $0.3170 from where the price started to correct downwards.
XRP price was able to recover against both bitcoin and USD. XRP moved above the major resistance around $0.3080 which has now turned into a support level.
XRP Price Analysis
After a downward momentum, XRP started to rise again moving above $0.300. Buyers were in full force and were able to break the major resistance around $0.3030.
The bulls were able to break the bearish pattern line that was formed yesterday with resistance around $0.3030. XRP price was successful in closing over the 100 hourly SMA and resistance of $0.3080. XRP price even broke the next resistance around $0.3150 but soon the selling pressure increased around $0.3170 which led to a downward correction.
Ripple price is currently going through a downward correction below $0.3150. However, the overall momentum is still bullish as a lot of buyers are placed on the downside and major support is formed around $0.3080 and the 100 hourly SMA. Even if the current support is broken somehow, the next support lies close to $0.3070. If XRP is able to hold the current position, it will soon start an upward move over $0.3150. If Ripple price is able to break the current resistance around $0.3170, XRP price
