Key Highlights
- Ripple price climbed further higher and traded above the $0.3500 resistance against the US dollar.
- There is a major bullish trend line formed with support at $0.3415 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently correcting lower, but it is likely to find support near $0.3410 and $0.3350.
Ripple price is gaining pace against the US Dollar while it is stable vs and Bitcoin. XRP/USD could decline a few points, but buyers remain in control above $0.3300.
Ripple Price Support
There were solid bullish moves in Ripple price above the $0.3300 support area against the US Dollar. The XRP/USD pair traded further higher and climbed above the $0.3500 resistance. The trend was positive and the price settled above the $0.3400 level and the 100 hourly simple moving average. A fresh weekly high was formed at $0.3581 and later the price started a downside correction.
It declined below the 23.6% Fib retracement level of the last ride from the $0.3248 low to $0.3581 high. However, there are many supports on the downside near the $0.3400 level. There is also a major bullish trend line formed with support at $0.3415 on the hourly chart of the XRP/USD pair. The trend line support is just above the 50% Fib retracement level of the last ride from the $0.3248 low to $0.3581 high. Should the price decline below the $0.3410 and $0.3400 support levels, it could test the next support at $0.3350.
Looking at the chart, ripple price is moving nicely in a bullish zone above the $0.3300 pivot zone. If there is an extended correction, buyers are likely to appear near $0.3410 and $0.3350. On the upside, resistances are seen near $0.3500, 0.3580 and $0.3600.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD has moved back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently near the 50 level.
Major Support Level – $0.3410
Major Resistance Level – $0.3580
