- Ripple price is holding the $0.3140 support area, but struggling to gain traction against the US dollar.
- The price is facing a strong resistance near the $0.3200 and $0.3220 levels.
- There is a key bullish trend line forming with support near $0.3140 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is likely to climb higher steadily as long as there is no bearish break below $0.3140 and $0.3120.
Ripple price is struggling to rise steadily against the US Dollar, while bitcoin climbed 4%. XRP price might start a decent increase if it breaks the $0.3180 and $0.3200 resistances.
Ripple Price Analysis
After trading as high as $0.3240, ripple price started a downside correction against the US Dollar. Ethereum price is also trading in a range, while bitcoin price is up around 4% and broke the key $10,200 resistance. The XRP/USD pair corrected below the $0.3180 and $0.3160 levels. It even traded below the $0.3140 support and the 100 hourly simple moving average. However, the $0.3120 support prevented additional losses and the price recovered recently.
The price traded above the $0.3140 and $0.3150 levels. Moreover, there was a break above the 23.6% Fib retracement level of the recent decline from the $0.3240 high to $0.3120 low. The recent recovery seems to be facing resistance near the $0.3180 level. Additionally, the 50% Fib retracement level of the recent decline from the $0.3240 high to $0.3120 low is acting as a resistance.
Therefore, a break above the $0.3180 level might open the doors for more gains. The main resistances on the upside are near $0.3200 and $0.3220. A clear break above $0.3220 might set the pace for more upsides towards the $0.3300 and $0.3320 levels. On the downside, there is a key bullish trend line forming with support near $0.3140 on the hourly chart of the XRP/USD pair.
Therefore, a downside break below the trend line support might start a fresh decline below $0.3140. The next key support is at $0.3120, below which there is a risk of heavy losses in the near term.
Looking at the chart, ripple price is clearly trading above a couple of important supports near $0.3140 and $0.3120. As long as there is no downside break, there are chances of a slow and steady rise above $0.3180. Having said that, a close above $0.3220 is must for uptrend continuation.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently reducing its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just above the 50 level and is moving higher.
Major Support Levels – $0.3150, $0.3140 and $0.3120.
Major Resistance Levels – $0.3200, $0.3220 and $0.3240.
