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Ripple price is trading below a strong resistance at $0.3250. XRP/USD might decline a few points before there could be a fresh upward move in the near term.
- Ripple price is facing a lot of hurdles near the $0.3220 and $0.3250 resistance levels.
- There is a short term bullish trend line formed with support at $0.3170 on the 30-minute chart.
- XRP price could decline and test the $0.3140 or $0.3120 support level before climbing higher.
Ripple Price Analysis
In the past three session, there were mostly range moves below the $0.3250 resistance in ripple price. XRP made two attempts to break the $0.3250 resistance recently, but buyers failed to gain bullish momentum.
Click to Enlarge Chart
Looking at the 30-minute chart of XRP/USD, the pair recently traded as high as $0.3245 and started a downside correction. The pair broke the $0.3200 support area and it even settled below the 25 simple moving average (30-minute chart).
During the drop, the pair broke the 50% Fib retracement level of the last leg from the $0.3145 low to $0.3245 high. It seems like the price is struggling to hold key supports and it could extend losses.
An immediate support is near $0.3175 and a short term bullish trend line, with support at $0.3170 on the same chart. The trend line coincides with the 76.4% Fib retracement level of the last leg from the $0.3145 low to $0.3245 high.
Below the trend line, the next support is at $0.3155. If buyers fail to keep the price above the $0.3150 support, there could be a drop towards the $0.3120 support level.
The current technical structure suggests that ripple price is likely to decline below the $0.3170 support. However, downsides near the $0.3150 or $0.3120 level are likely to find a strong buying interest. As long as XRP is trading above the last swing low at $0.3101, dips remain supported. On the upside, an initial resistance is at $0.3200, above which the price will most likely retest the key $0.3250 resistance level.
The market data is provided by TradingView, Bitfinex.
The post Ripple (XRP) Price Prediction: Buying Dips Favored In Short Term appeared first on Blockonomi.
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