Key Highlights
- Ripple price started a downside correction after trading as high as $0.3581 against the US dollar.
- There is a crucial bullish trend line in place with support at $0.3410 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is currently testing the trend line and the $0.3400 support area with positive signs.
Ripple price is trading above key supports against the US Dollar and Bitcoin. XRP/USD is likely to bounce back as long as it is above $0.3300 and $0.3310.
Ripple Price Support
Yesterday, we saw a decent rise above the $0.3500 level in Ripple price against the US Dollar. The XRP/USD pair traded towards the $0.3600 level and formed a high at $0.3581. Later, the price started a downside correction and moved below the $0.3500 level. There was also a break below the 38.2% Fib retracement level of the last upside from the $0.3189 low to $0.3580 swing high.
However, the price found a strong buying interest near the $0.3400 level. There is also a crucial bullish trend line in place with support at $0.3410 on the hourly chart of the XRP/USD pair. More importantly, the price is holding the 50% Fib retracement level of the last upside from the $0.3189 low to $0.3580 swing high. If the price breaks the trend line and $0.3400, it could test the 100 hourly simple moving average at $0.3360. However, the most important support on the downside is at $0.3300-0.3310, which was a resistance earlier. Therefore, dips from the current levels are likely to find support near $0.3360, $0.3310 and $0.3300.
Looking at the chart, ripple price could decline a few more points towards $0.3360 to complete the current correction. On the upside, an initial resistance is near $0.3500, above which the price might retest $0.3580.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is just above the 40 level.
Major Support Level – $0.3400
Major Resistance Level – $0.3500
