Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
- 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.
