Key Highlights
- Ripple price rallied recently and broke the $0.3000 and $0.3200 resistances against the US dollar.
- Yesterday’s highlighted key bearish trend line was breached with resistance at $0.2850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair traded above the $0.3300 resistance and it may continue to move higher in the near term.
Ripple price jumped back in a bullish zone against the US Dollar and Bitcoin. XRP/USD could continue to move higher towards the $0.3500 resistance zone.
Ripple Price Analysis
There was a solid support formed above the $0.2800 level in ripple price against the US Dollar. The XRP/USD pair traded higher and broke the $0.2950 and $0.3000 resistance levels. There was even a close above the $0.3060 level and the 100 hourly simple moving average. The recent upward move was strong as the price broke the $0.3200 resistance and climbed close to $0.3380.
During the rise, yesterday’s highlighted key bearish trend line was breached with resistance at $0.2850 on the hourly chart of the XRP/USD pair. The pair traded as high as $0.3377 and later corrected lower. It moved below the 23.6% Fib retracement level of the last wave from the $0.2813 low to $0.3377 high. However, the $0.3100 level acted as a strong support and protected more losses. Besides, there was no test of the 50% Fib retracement level of the last wave from the $0.2813 low to $0.3377 high. The price is currently trading nicely above the $0.3200 support area and it seems like it could surge further.
Looking at the chart, ripple price might clear the $0.3377 high and climb towards the $0.3500 or $0.3600 resistance. On the downside, there are many supports, starting with $0.3200 and up to $0.3000.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly reducing its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently placed well above the 65 level.
Major Support Level – $0.3200
Major Resistance Level – $0.3380
