Key Highlights
- Ripple price corrected higher recently and broke the $0.2660 and $0.2800 resistances against the US dollar.
- There is a new connecting bearish trend line formed with resistance at $0.3010 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently below the 100 hourly SMA, but it remains supported near $0.2660.
Ripple price is showing a few positive signs against the US Dollar and Bitcoin. XRP/USD must stay above $0.2660 to recover further above $0.3000 in the near term.
Ripple Price Support
Yesterday, a decent upside move kicked off and Ripple price moved above the $0.2660 resistance against the US Dollar. The XRP/USD pair even broke the $0.2800 and $0.2850 resistance levels to set the pace for more gains. However, the $0.3000 resistance acted as a major hurdle for buyers. The price failed to settle above $0.3000 and formed a high at $0.3029. Later, it corrected lower below the 23.6% Fib retracement level of the last wave from the $0.2472 low to $0.3029 high.
Moreover, there was a close below $0.2900 and the 100 hourly simple moving average. On the downside, an initial support is near the $0.2751 level. It represents the 50% Fib retracement level of the last wave from the $0.2472 low to $0.3029 high. However, the most important support is near the $0.2660 level, which is a pivot zone. As long as the price is above $0.2660, it could move higher. On the upside, an initial resistance is near $0.2880 and the 100 hourly SMA. Moreover, there is a new connecting bearish trend line formed with resistance at $0.3010 on the hourly chart of the XRP/USD pair.
Looking at the chart, ripple is still supported and it may perhaps make another attempt to move past $0.2900 and $0.3000 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is flat around the 50 level.
Major Support Level – $0.2660
Major Resistance Level – $0.3000
