- Ripple price extended gains and traded above the $0.3220 resistance area against the US dollar.
- The price topped near the $0.3240 level and it is currently correcting gains.
- There is a short term bullish trend line forming with support near $0.3160 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is likely to bounce back as long as it is trading above the $0.3120 support area.
Ripple price is placed nicely in a bullish zone above $0.3100 against the US Dollar, and bitcoin rallied above $10K. XRP price could climb back above $0.3240 in the near term.
Ripple Price Analysis
In the past two sessions, there was a steady rise in bitcoin, Ethereum and ripple against the US Dollar. The XRP/USD pair climbed above the $0.3120 and $0.3150 resistance levels. Moreover, there was a close above the $0.3150 level and the 100 hourly simple moving average. Later, the price gained traction above the $0.3200 and $0.3220 resistance levels.
Finally, the price tested the $0.3240 level and recently started a downside correction. There was a break below the $0.3200 level plus the 23.6% Fib retracement level of the last upward move from the $0.3065 low to $0.3240 high. Besides, the price spiked below the $0.3160 level and tested the $0.3140 support area. The 50% Fib retracement level of the last upward move from the $0.3065 low to $0.3240 high also acted as a support.
At the outset, there is a short term bullish trend line forming with support near $0.3160 on the hourly chart of the XRP/USD pair. The pair might break the trend line and test the $0.3120 support level. Moreover, the 100 hourly SMA is also waiting near the $0.3132 level to act as a support. As long as there is no close below $0.3120, the price is likely to bounce back.
On the upside, there are two key resistances forming near $0.3220 and $0.3240. If there is an upside break above the $0.3240 level, the price could rise sharply towards the $0.3300 and $0.3320 levels. The next key resistance is near the $0.3400 level.
Looking at the chart, ripple price is trading above a few important supports near $0.3140 and $0.3120. As long as there is no clear break below $0.3120, the price is likely to resume its upward move. The overall price action is positive and suggesting more gains above $0.3220 and $0.3240.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is about to move back into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently well below the 50 level.
Major Support Levels – $0.3150, $0.3140 and $0.3120.
Major Resistance Levels – $0.3200, $0.3220 and $0.3240.
