Since elevating to its peak price in February at $0.3262, earlier this month the XRP/USD pair phased a correction and appeared to have formed a support base near $0.2750 level. Owing to that decline, Ripple price has undergone consolidations and is struggling to make a significant move in either way.
After creating support at $0.2750, the XRP price action started a new upwards trend, breaking past $0.2850 and $0.2920 resistance zones to reach a positive level. Notably, XRP even ascended past $0.3000 and rested high above the 100 simple moving average. Regardless, buyers appear to be facing a challenging battle near $0.3055 and $0.3060.
XRP realized its latest highs at around $0.3074, and its price is currently consolidating gains. The price dropped underneath the 23.6% Fibonacci retracement levels of the positive momentum from $0.2299 to $0.3074 swing highs. Ripple (XRP) price appears to have created vital support zones at $0.2950 and $0.2920.
Ripple price (XRP) bull run incoming?
Furthermore, the XRP/USD pair hourly chart seems to be creating a bullish trendline near the $0.29590 support zone. If the price of XRP drops lower than $0.29190, Ripple could test the 50 percent Fibonacci retracement levels of the positive momentum from lows of $0.2299 low to $0.3074 highs.
However, a further drop could trigger a bearish trend, and the XRP price might fall towards $0.28490 and $0.2810 support zones. According to TradeView analyst, Mantusk, XRP Fractals continuation will happen between $0.47 and $0.50 early next month, after which XRP price is expected to pull back.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.