Ripple climbed more than 30% this past week to climb above $0.3000 against the US Dollar. XRP price nosedived below $0.3250, but analysts suggest a recent increase above $0.3150.
- Ripple price climbed above the $0.3000 and $0.3150 resistance level against the US dollar.
- The price plummeted more than 20%, but dips prevailed well established above $0.2500.
- There is a primary bullish trend line building with support near $0.2780 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
- The pair is anticipated setting up for the next rally above the $0.3000 resistance area.
Ripple Price Could Climb Above $0.30
This past week, there was a sharp uptick in ripple above $0.3000, following bitcoin and ethereum’s rally. The price even towered above the $0.3120 resistance and performed well above the 100 simple moving average (4-hours).
It traded to a new multi-week high at $0.3255 before it plunged more than 20%. There was a sharp drop below the $0.3000 support zone. The price even pinned below the $0.2800 support level, but dips remained well supported near the $0.2500 level.
There is also a primary bullish trend line developing with support near $0.2780 on the 4-hours chart of the XRP/USD pair. A swing low was built near the $0.2401, and recently the price started a recent rise. There was a break beyond $0.2800, plus the 50% Fib retracement level of the last crash from the $0.3255 high to $0.2400 low.
The price is now testing the 61.8% Fib retracement level of the recent crash from the $0.3255 high to $0.2400 low. On the upside, there is a substantial resistance near the $0.3000 level. A strong close above the $0.3000 barrier could open the doors for more gains.
The next notable resistance is near the $0.3120 level, above which the price is likely to surge towards the $0.3200 and $0.3250 levels in the upcoming sessions.
XRP’s downsides likely to be limited
If there is a distinctive downside correction, ripple is likely to find support near $0.2850. The trend line support near $0.2800 also holds the key, beneath which the bulls might struggle.
If there is a bearish close under the trend line support, the price could continue its decline towards the $0.2650 and $0.2600 support levels.