- Ripple price recovered steadily after trading below the $0.2900 support level against the US dollar.
- The price climbed higher and broke the key $0.3000 and $0.3200 resistance levels.
- It seems like an ascending channel is forming with support at $0.3150 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is likely to break the $0.3280 resistance and trade above the $0.3320 level in the near term.
Ripple price is showing a lot of positive signs above $0.3200 against the US Dollar since bitcoin rallied 10%. XRP price could continue to rise if its breaks $0.3280 and $0.3300.
Ripple Price Analysis
Recently, we saw a major downward move in ripple price below the $0.3000 support against the US Dollar. The XRP/USD pair even broke the $0.2900 support and tested the $0.2850 support area. A new monthly low was formed near $0.2833 and the price recently started an upside correction. There was a break above the $0.3000 and $0.3100 resistance levels.
Moreover, the price settled above the $0.3100 level and the 100 hourly simple moving average. The bulls gained traction and the price even broke the $0.3200 resistance. Finally, the price spiked above the $0.3240 resistance and traded towards the $0.3280 level. A swing high was formed at $0.3274 and the price is currently correcting lower. It broke the $0.3240 level plus the 23.6% Fib retracement level of the recent wave from the $0.0.3041 low to $0.3274 high.
However, there are many supports on the downside near $0.3200 and $0.3150. There is also an ascending channel forming with support at $0.3150 on the hourly chart of the XRP/USD pair. The 50% Fib retracement level of the recent wave from the $0.0.3041 low to $0.3274 high is also near the channel support to act as a strong support in the near term.
If there is a downside break below the channel support, the price may move back towards the $0.3040 level. However, the 100 hourly SMA at $0.3090 might protect losses. On the upside, an immediate resistance is near the $0.3275 and $0.3280 levels, above which the price is likely to surge above the $0.3300 level in the near term.
Looking at the chart, ripple price is trading with a positive bias above the $0.3150 and $0.3040 support levels. Therefore, there are chances of more gains above the $0.3280 and $0.3300 resistance levels.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is slowly moving back into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently correcting lower towards the 50 level, with a bearish angle.
Major Support Levels – $0.3150, $0.3090 and $0.3040.
Major Resistance Levels – $0.3280, $0.3300 and $0.3320.
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