Ripple price is preparing for the next significant break against the US Dollar. XRP could either rally above $0.3300 or decline sharply below the $0.3100 and $0.3000 support levels in the near term.
Recently, there were swing bullish moves in bitcoin, Ethereum, bitcoin cash, eos and ripple against the US Dollar. Earlier, the XRP/USD pair declined below the $0.3100 support and traded as low as $0.3068. Later, there was a sharp recovery above $0.3100 and the 55 simple moving average (4-hours). The price even broke the $0.3200 resistance area. However, it faced a strong resistance near the $0.3250-0.3260 zone. As a result, there was a fresh decline below the $0.3200 support and the 55 simple moving average (4-hours).
There was a break below the 23.6% Fib retracement level of the last wave from the $0.3068 low to $0.3254 high. At the moment, the $0.3150 support is acting as a buy zone and preventing more losses.
On the upside, there are many hurdles for buyers near $0.3250, $0.3300 and $0.3320. A convincing close above $0.3320 may perhaps open the doors for a decent upward move above $0.3400 or $0.3500. On the other hand, if there is a downside break below the $0.3100 support, there could be sharp losses.
Looking at the chart, ripple price is clearly preparing for a significant break either above $0.3320 or below $0.3100. If bitcoin price grinds above $4,000, there are chances of an upside break in XRP above $0.3320. If not, the price could decline heavily below $0.3100 and $0.3000 in the coming sessions. Below $0.3000 and $0.2920, the next support is at $0.2850.
Key Support Levels – $0.3100, $0.3000 and $0.2920.
Key Resistance Levels – $0.3250 and $0.3300.
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