Ripple XRP Price Analysis: XRP/USD Pair Reaching $0.3

Ripple has been central to the crypto market for more than a day. The third-biggest digital asset is well-known for its tendencies in the past in mastering recovery by itself.  While the market was broadly speaking bullish on Wednesday during the European session, the Ripple XRP price analysis shows a slight growth because of the new XRP/USD perpetual swap contract on BitMEX, as we are reading in the ripple xrp news below.

The 24-hour chart for XRP/USD shows in a clear way that the bulls have been in charge with a strong fervor since the beginning of 2020. The growth began with a break beyond seven-months descending trendline resistance. The soaring continues through January during the growing and falling movements in the price. The recovery above both the 50-SMA and the 200-day SMA was the beginning of the bullish correction that is still in duration. Besides, there are several analysts that thought once that XRP returned in the 200-SMA zone, it was positioned for quite more upside correction. As per a Twitter user:

‘’Closed above the 200MA + Kumo Breakout on Poloniex, not yet on Binance though. Either way, highly bullish in my opinion. I could see a small retrace but ultimately I think XRP will run to 3744 Sats in the coming days / weeks.’’

The Ripple XRP price analysis shows a sink to $0.2747 after correction form an intraday high of $0.2822. The bullish main concertation was to break through the seller congestion at the 38.2% Fibo levels that were taken in between the last drop from $051031 toa swing low of $0.1741. Despite the downside correction, XRP is quite under the control of the bulls as was reflected by the continuation of the bullish session of the Elliot Wave Oscillator. If a reversal were to happen, the 200-day SMA is in position to provide sufficient support. Adding to this23.6% Fibo at $0.25 is in good condition to offer support too and top declines towards $0.20.

As soon as XRP broke the 23.6% Fib retracement level of the recent wave from a $0.2340 low to a $0.2616 high, we saw the price trading to a new monthly high at $0.2616 but is now correcting lower. As Ripple smashed the new price point, the bulls are likely to emerge and could soon help the cryptocurrency post new highs.