- Ripple price is gaining momentum and it recently climbed above $0.3000 against the US dollar.
- The price traded towards the $0.3050 resistance area and it is currently correcting lower.
- 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).
- There was a decent rise in Ethereum price above the $185 resistance area.
Ripple price is back in a positive zone with bullish moves against the US Dollar and bitcoin. XRP price is likely to continue higher towards the $0.3120 level.
Ripple Price Analysis
Yesterday, we discussed the importance of the $0.2880 support for ripple against the US Dollar. XRP price remained stable above the $0.2880 support and recently started a strong upward move.
There was a break above the $0.2940 and $0.2950 resistance levels. Moreover, the price settled above the $0.2950 resistance area and the 100 hourly simple moving average.
More importantly, yesterday’s highlighted key bearish trend line was breached with resistance near $0.2940 on the hourly chart of the XRP/USD pair. It opened the doors for more gains above the $0.2980 and $0.3000 resistance levels.
Finally, the price tested the $0.3060 resistance area and a high was formed near $0.3056. At the outset, ripple price is correcting lower below $0.3020. It traded below the 23.6% Fib retracement level of the recent wave from the $0.2890 low to $0.3056 high.
However, there are many key supports on the downside near the $0.2980 and $0.2975 levels. Besides, the 50% Fib retracement level of the recent wave from the $0.2890 low to $0.3056 high is likely to provide support near the $0.2975 level.
If there is a downside break below the $0.2975 support area, ripple could extend its decline towards the $0.2950 support. The stated $0.2950 area was a resistance earlier and now it is likely to provide support.
On the upside, an initial hurdle for the bulls is near the $0.3060 area. If there is an upside break above the $0.3060 level, the price is likely to climb higher towards the $0.3120 and $0.3150 resistance levels.
Looking at the chart, ripple price is showing a lot of positive signs above the $0.2950 and $0.2980 support levels. As long it does not decline below $0.2950, there are high chances of more gains above the $0.3060 resistance in the near term.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is currently gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now well above the 60 level, with bullish signs.
Major Support Levels – $0.2980, $0.2950 and $0.2940.
Major Resistance Levels – $0.3060, $0.3120 and $0.3150.
