- Ripple price is gaining momentum above the $0.2920 and $0.2950 resistances against the US dollar.
- The price is up around 3% and it revisited the $0.3040 resistance area.
- Yesterday’s highlighted key bearish trend line was breached with resistance near $0.2940 on the hourly chart of the XRP/USD pair (data source from Kraken).
- Two altcoins – LINK and MATIC are outperforming and gained more than 8% in the past few hours.
Ripple price is following a nice uptrend against the US Dollar and bitcoin. XRP price is likely to continue higher towards $0.3120 if it breaks $0.3040.
Ripple Price Analysis
Yesterday, we discussed the chances of a fresh increase in ripple above $0.2950 against the US Dollar. XRP price remained well bid above the $0.2850 and $0.2880 support levels.
As a result, there was a fresh increase above the $0.2920 resistance and the 100 hourly simple moving average. Moreover, the price broke the key $0.2950 resistance level to set the pace for more upsides.
During the rise, yesterday’s highlighted key bearish trend line was breached with resistance near $0.2940 on the hourly chart of the XRP/USD pair. The pair is up more than 3% today and it even spiked above the $0.3000 resistance area.
However, ripple is once again facing hurdles near the $0.3030 and $0.3040 levels. At the moment, the price is correcting lower below $0.3000. It is testing the 23.6% Fib retracement level of the recent rally from the $0.2890 low to $0.3031 high.
On the downside, there are many supports near the $0.2960 and $0.2940 levels. More importantly, the 50% Fib retracement level of the recent rally from the $0.2890 low to $0.3031 high is near the $0.2960 level to provide a strong support.
If there are additional losses, the next key support is near the broken trend line, $0.2920, and the 100 hourly SMA. A successful close below $0.2920 could push the price back towards the $0.2850 support.
On the upside, there are key hurdles near the $0.3030 and $0.3040 levels. Should the bulls gain traction above the $0.3040 level, the price is likely to accelerate higher. The next major hurdle for them is near the $0.3120 level.
Looking at the chart, ripple price is trading in an uptrend above $0.2940 and $0.2920. In the short term, there could be a minor pullback, but the price is likely to find support near $0.2960 and $0.2920.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is surging and is well above the 60 level.
Major Support Levels – $0.2960, $0.2940 and $0.2920.
Major Resistance Levels – $0.3030, $0.3040 and $0.3120.
