Key Highlights
- Ripple price gained momentum recently and settled above the $0.3000 and $0.3200 resistances against the US dollar.
- There is a new important connecting bullish trend line in place with support at $0.3310 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair remains well supported on the downside above $0.3200 and is placed in an uptrend.
Ripple price is placed in a positive zone against the US Dollar and Bitcoin. XRP/USD could continue to gain traction above the $0.3400 and $0.3500 levels.
Ripple Price Support
This past week, there was a nice upside move in Ripple price above the $0.2800 resistance level against the US Dollar. The XRP/USD pair gained traction and buyers were successful in pushing the price above the $0.3000 and $0.3200 resistance levels. The price also climbed above the $0.3500 resistance level and traded close to the $0.3800 level. A high was formed at $0.3765 and later the price corrected lower.
It declined below the $0.3500 support level and tested the $0.3100-0.3200 support area. A low was formed at $0.3130 before the price started an upside move. It gained momentum and moved above $0.3400. Moreover, there was a break above 50% Fib retracement level of the last decline from the $0.3765 high to $0.3130 low. At present the price is trading nicely above the $0.3300 and $0.34000 levels. On the upside, the price is likely to gain momentum above $0.3520 for more gains. On the downside, there is a new important connecting bullish trend line in place with support at $0.3310 on the hourly chart of the XRP/USD pair.
Looking at the chart, ripple is trading in an uptrend above the $0.3200 support. Buyers are likely to push the price above the $0.3500 and $0.3700 levels in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is placed above the 50 level.
Major Support Level – $0.3200
Major Resistance Level – $0.3500
