Ripple started a downside correction from the $0.3080 resistance against the US Dollar. XRP price is trading above $0.2900 and it must surpass $0.3000 for a fresh rally.
- Ripple started a sharp downside correction from the $0.3083 swing high against the US dollar.
- The price is now trading below the $0.3000 resistance, but above the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $0.2880 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to restart its rally if it clears the $0.2960 and $0.3000 resistance levels.
Ripple Price is Facing Key Hurdle
This week, we saw a sharp rise in ripple above the $0.2880 resistance zone. XRP price even broke the $0.2920 resistance level and settled above the 100 hourly simple moving average.
Finally, there was a break above the $0.3000 level and the price traded to a new monthly high at $0.3083 before correcting lower. There was a sharp decline below the $0.3000 support (similar to bitcoin and ETH).
XRP price even broke the $0.2920 support level, but it found support near the $0.2800 level. It recovered back above the $0.2880 pivot level. There was a break above the 23.6% Fib retracement level of the downward move from the $0.3083 high to $0.2805 low.
Source: XRPUSD on TradingView.com
It seems like there is a major bullish trend line forming with support near $0.2880 on the hourly chart of the XRP/USD pair. On the upside, the price is facing a major resistance near the $0.2960 level. It is close to the 50% Fib retracement level of the downward move from the $0.3083 high to $0.2805 low.
A clear break above the $0.2960 resistance level might clear the path for more upsides above $0.3000. A successful close above $0.3000 could lead the price towards the $0.3080 and $0.3120 levels.
Key Supports For XRP
The first key support for ripple is near the $0.2900 level. The next key support is forming near the $0.2880 level and a connecting bullish trend line.
The 100 hourly SMA is also aligned with the trend line support and $0.2860. A clear break below the trend line support, the 100 hourly SMA, and $0.2850 could increase the chances of a sharp decline.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining and it is below the 50 level.
Major Support Levels – $0.2900, $0.2880 and $0.2850.
Major Resistance Levels – $0.2960, $0.3000 and $0.3080.
