Technical Indicators:
Support Level: $0.3070
Resistance Level: $0.3120
Key Points:
- Ripple price started a downward correction after rising up to $0.3169.
- XRP fell below $0.3100 support level however, the support around $0.3070 proved strong enough to stop further losses.
- Ripple price was able to break through a bearish pattern line that was formed on the hourly chart with resistance around $0.3080.
- If XRP is able to break through $0.3120 resistance, a new bullish trend is foreseen.
Ripple Price Analysis:
Summary: Ripple price is well supported at $0.3070 and moving upwards. XRP might test the resistance around $0.3170 soon if it is able to break above $0.3120 resistance.
Ripple price showed bullish moves last week rising over $0.3100 resistance level. XRP broke through $0.3150 resistance and was able to close over the 100 hourly SMA. XRP tested the $0.3170 resistance level and went up to $0.3169 before starting a downward correction. The selling pressure was high and thus the price moved beneath $0.3120 and $0.3100 support levels. However, the support around $0.3070 and the 100 hourly SMA proved strong enough to stop further losses.
XRP price started a fresh upward move from $0.3070 support level. It was able to break through the bearish pattern line that was formed on the hourly chart with resistance around $0.3080. Ripple is currently trading well over $0.3080 support and the 100 hourly SMA. The current resistance lies around $0.3120 above which the momentum shall turn bullish and XRP might soon test $0.3150 and $0.3170 resistance levels.
The chart shows that Ripple price is currently well situated above $0.3070 support level and moving upwards. If the current support is broken, XRP might test the next support around $0.3030. However, a break above $0.3120 resistance level might turn the overall momentum bullish.
