- Ripple price is slowly moving higher towards the $0.2950 resistance area against the US dollar.
- The price is facing an uphill task near the $0.2950 and $0.2980 resistance levels.
- There is a major bearish trend line forming with resistance near $0.2950 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price could either rally above $0.2950 or it might decline to retest the $0.2850 support area.
Ripple price is making attempt to clear a few key hurdles against the US Dollar, while bitcoin is recovering. XRP price must surpass $0.2950 and $0.2980 for a decent rally.
Ripple Price Analysis
Recently, ripple declined below the $0.2850 support area against the US Dollar. However, the $0.2810 area acted as a support and XRP price started a fresh recovery. The price gained momentum above the $0.2850 resistance. Moreover, there was a break above the $0.2920 resistance and the 100 hourly simple moving average. The price even spiked above the $0.2950 resistance, but it failed to surpass the $0.2980 resistance.
A high was formed near $0.2977 and the price is currently correcting lower. It is trading below the 23.6% Fib retracement level of the recent leg from the $0.2813 low to $0.2977 high. Currently, it seems like the $0.2900 area and the 100 hourly SMA are protecting declines. The next key support is near the $0.2895 level. It represents the 50% Fib retracement level of the recent leg from the $0.2813 low to $0.2977 high.
Any further losses might push ripple price towards the key $0.2850 support area in the near term. On the upside, there is a strong resistance near the $0.2950 and $0.2980 levels. Moreover, there is a major bearish trend line forming with resistance near $0.2950 on the hourly chart of the XRP/USD pair. Therefore, an upside break above the $0.2950 resistance may perhaps open the doors for a fresh increase.
Having said that, the price must gain strength above $0.2980 to continue higher. The next key resistance is near the $0.3040 level (the previous swing high). Finally, if the bulls gain momentum above $0.3040, the price could recover towards the $0.3100 area.
Looking at the chart, ripple price is clearly facing a major hurdle near the $0.2950 and $0.2980 levels. If there is a successful close above $0.2950 and a follow through above $0.2980, the price could continue to rise in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is struggling to gain in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just near the 50 level.
Major Support Levels – $0.2900, $0.2850 and $0.2800.
Major Resistance Levels – $0.2950, $0.2980 and $0.3040.
