- Ripple price corrected lower recently and tested the $0.2450 support area against the US dollar.
- The price is currently climbing higher and is trading nicely above the $0.2500 level.
- There is a key bullish trend line forming with support near $0.2480 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is likely to continue higher and it might soon test the $0.2620 or $0.2650 resistance area.
Ripple price is slowly rebounding above $0.2500 against the US Dollar, while bitcoin is consolidating. XRP price is likely to retest the recent resistance area near $0.2620.
Ripple Price Analysis
After struggling to break the $0.2620 resistance, ripple price started a downside correction against the US Dollar. The XRP/USD pair topped near the $0.2618 level and declined below the $0.2600 and $0.2550 support levels. Moreover, the price traded below the $0.2500 support level. It even broke the 50% Fib retracement level of the upward wave from the $0.2350 low to $0.2618 high.
Finally, the price spiked below the $0.2480 level and the 100 hourly simple moving average. However, the $0.2450 support area acted as a strong buy zone. It seems like the 61.8% Fib retracement level of the upward wave from the $0.2350 low to $0.2618 high prevented additional losses. A support base was formed near $0.2450 and recently the price recovered above $0.2500.
The price surpassed a connecting bearish trend line with resistance near $0.2525 on the hourly chart of the XRP/USD pair. The current price action is positive, suggesting a solid upward move towards the $0.2620 resistance area. The next key resistance is near the $0.2650 level, above which the price could continue to rise towards the $0.2850 and $0.3000 resistance levels.
On the downside, there is a decent support forming near the $0.2480 and $0.2450 levels. Moreover, there is a key bullish trend line forming with support near $0.2480 on the same chart. If there is a downside break below the $0.2450 support and the 100 hourly SMA, the price could resume its decline. The next key support is near the $0.2350 level.
Looking at the chart, ripple price is showing positive signs above the $0.2480 and $0.2450 support levels. An immediate resistance is near the $0.2550 level. However, the bulls must clear the $0.2620 resistance area to push the price further higher. Conversely, a break below the $0.2450 support might call for a test of $0.2350.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now placed nicely above the 50 level.
Major Support Levels – $0.2480, $0.2450 and $0.2350.
Major Resistance Levels – $0.2550, $0.2600 and $0.2620.
