- Ripple price is finding a strong buying interest near the $0.2850 level against the US dollar.
- The price is currently consolidating and it is likely to climb back above $0.3000.
- There is a connecting bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could start a fresh increase if it surpasses the $0.3000 and $0.3050 resistance levels.
Ripple price is trading in a positive zone against the US Dollar, while bitcoin is rebounding. XRP price must stay above the $0.2850 support to bounce back above $0.3050.
Ripple Price Analysis
After a sharp upward move, ripple price started a downside correction from $0.3250 against the US Dollar. The XRP/USD pair traded below the $0.3120 and $0.3050 support levels. Moreover, there was a break below the $0.3000 support area. The bears even pushed the price below the 50% Fib retracement level of the upward move from the $0.2560 swing low to $0.3272 high.
However, the $0.2850 support area acted as a strong barrier for the bears. It seems like the 61.8% Fib retracement level of the upward move from the $0.2560 swing low to $0.3272 high is acting as a solid support. Additionally, the price is holding the 100 hourly simple moving average, which is currently at $0.2855. Therefore, the price could start a fresh increase as long as it is above $0.2850.
On the upside, there are two key resistances near $0.3000 and $0.3050. Moreover, there is a connecting bearish trend line forming with resistance near $0.3000 on the hourly chart of the XRP/USD pair. If there is an upside break above the trend line and the $0.3050 resistance, there are chances of a fresh rally towards the $0.3250 resistance area.
Conversely, a downside break below the $0.2850 support might spark further losses. The next key support is near the $0.2720 and $0.2730 levels. The 76.4% Fib retracement level of the upward move from the $0.2560 swing low to $0.3272 high is also near the $0.2730 level. If the price fails to stay above $0.2720, it could revisit the key $0.2650 support area in the near term.
Looking at the chart, ripple price is clearly holding the key $0.2850 support area and the 100 hourly SMA. Therefore, there are high chances of a fresh increase towards $0.3250. Only a close below the 100 hourly SMA might push the price to $0.2720.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is likely to move into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is slowly moving higher and it could surpass 50.
Major Support Levels – $0.2850, $0.2720 and $0.2650.
Major Resistance Levels – $0.3000, $0.3050 and $0.3200.
