Technical Indicators:
Support Level: $0.2950, $0.2915
Resistance Level: $0.3000, $0.3020, $0.3050
Key Points:
- Ripple price was able to find support around $0.2915 and recovered upwards nicely.
- The buying pressure increased massively and ETH price broke above the $0.2950 resistance level to move into a positive zone.
- The bearish pattern which was being formed yesterday with resistance around $0.3000 on the hourly chart still remains on the same chart.
- Ripple price will turn bullish once it breaks above the $0.3000 and $0.3020 resistance levels.
Ripple Price Analysis:
SUMMARY: Ripple price started an upward recovery yesterday after the price of bitcoin gained bullish momentum. XRP will most likely become bullish once it breaks above the $0.3000 and $0.3020 resistance levels.
Ripple price corrected downwards yesterday after falling below the $0.3000 support level. The selling pressure increased beneath this range and XRP soon crashed below the $0.2950 and the 100 hourly SMA. However, Ripple price found decent support around $0.2915 level after falling up to $0.2912 yesterday. Unsurprisingly, the surging price of bitcoin led to other top cryptocurrencies also surging.
XRP price was able to recover over the $0.2950 resistance level, $0.2980 level and the 100 hourly SMA soon. Ripple price is soon going to approach the bearish pattern which was being formed with resistance around $0.3000 on the hourly chart yesterday. If Ripple price is able to break above the $0.3000 and $0.3020 resistance levels in the short term, it is going to turn bullish and move towards $0.3050 and $0.3100 levels. However, if Ripple price is unable to break above $0.3000 in the short term, it might fall back towards $0.2950, $0.2915 and $0.2900 support levels.
The chart shows that XRP will most likely break above $0.3000 resistance level soon. The current momentum is quite bullish and signals a move towards $0.3020 and $0.3050 resistance levels.
