Ripple price analysis: Rising from the ashes but it’s a rough ride ahead for the buyers
|- Ripple price jumps over 3% on a daily basis; consolidation above $0.300 is expected.
- Significant resistance has been encountered at $0.3080, but key intraday resistance is $0.311.
Ripple is slowly but steadily rising from the ashes in the aftermath of the overarching declines that took place during last week’s trading. XRP/USD is up 3.22% on the day while the trend, as seen on the chart and tables is quite bullish. Going back to Friday last week, the price broke several support areas at $0.330 and $0.320. The declines were unstoppable on Saturday 11, where Ripple plunged further below $0.30 and traded lows around $0.2875.
The price bounced in three successive engulfing candlesticks, giving the buyers a breather from the selling pressure, however, the trend came to a halt at $0.311. The trading sessions that followed (yesterday) recorded lower lows and lower highs and Ripple dropped below $0.30 again. The 23.6% Fib level came in handy towards the close of the session stopping declines at $0.2943.
As mentioned in the first paragraph, Ripple is up over 3% on the day, besides it is trading above $0.305. The upside is limited at $0.308, although the stochastic is changing direction upwards to show that buying entries continue to increase in comparison to selling entries. Moreover, the 50-day moving average is crossing above the 100-day moving average, which means that XRP/USD is likely to consolidate above $0.30. In fact, a support is forming marginally above $0.304, but the stronger support lies at $0.300.
XRP/USD 15’ chart
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