- Ripple price tested the next key support near $0.2920 and later bounced back against the US dollar.
- Bulls took control and pushed the price above the $0.2980 and $0.3000 resistance levels.
- This week’s followed key bearish trend line was breached with resistance at $0.3010 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair rallied above the $0.3020 resistance and it may even climb above $0.3065 and $0.3080.
Ripple price traded to new weekly lows before rebounding higher against the US Dollar and bitcoin. XRP/USD settled above $0.3000, with a bullish angle and it may accelerate above $0.3065.
Ripple Price Analysis
Yesterday, we saw a nasty decline below $0.3000 in ripple price against the US Dollar and discussed about more losses. The XRP/USD pair did extend losses below the $0.3000 and $0.2950 support levels. It tested the $0.2920 support area, where buyers emerged. A swing low was formed near $0.2913 and later the price started a sharp upward move. Buyers came into action and pushed the price above the $0.2980 and $0.3000 resistance levels.
The upward move was strong as the price climbed above the 61.8% Fib retracement level of the last decline from the $0.3065 high to $0.2913 low. Moreover, this week’s followed key bearish trend line was breached with resistance at $0.3010 on the hourly chart of the XRP/USD pair. The pair is now trading nicely above the 76.4% Fib retracement level of the last decline from the $0.3065 high to $0.2913 low. It is testing the $0.3065 swing high and trading above the 100 hourly simple moving average.
In the short term, there could be a downside correction towards the $0.3030 or $0.3010 support levels. On the upside, a break above the $0.3065 might open the doors for more gains. The next key resistance is near $0.3100. It represents the 1.236 Fib extension retracement level of the last decline from the $0.3065 high to $0.2913 low.
Looking at the chart, ripple price clearly recovered nicely from the $0.2920 support level. A close above the $0.3000 barrier is positive and has opened the doors for more gains. However, it won’t be easy for buyers to clear the $0.3065 and $0.3080 levels. Once they succeed, the price is likely to surge above the $0.3100 resistance level. On the downside, there are many supports near the $0.3030 and $0.3010 levels, followed by the key $0.3000 support.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is placed heavily in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD climbed higher sharply and moved above the 65 level.
Major Support Levels – $0.3030, $0.3010 and $0.3000.
Major Resistance Levels – $0.3065, $0.3080 and $0.3100.