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technical analysis ripple

Ripple (XRP) Price Holding Key Support: Fresh Upside In Play

Avatar Aayush Jindal 10 months ago
  • Ripple price traded towards the $0.3080 level and recently corrected lower against the US dollar.
  • The price traded lower and broke the $0.3040 and $0.3020 support levels.
  • There is a key bullish trend line in place with support near $0.2965 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could dips a few points, but it is likely to bounce back as long as it is above $0.2950

Ripple price is trading with a positive bias above key supports against the US Dollar, but struggling vs bitcoin. XRP could bounce back as long as it is holding the $0.2950 support.

Ripple Price Analysis

Yesterday, we saw a nice upward move in ripple price above the $0.2950 and $0.3000 resistances against the US Dollar. The XRP/USD pair gained traction and broke the $0.3050 level as well and settled above the 100 hourly simple moving average. It traded close to the $0.3090 level and formed a new swing high near $0.3088. Later, it started a downside correction and traded below the $0.3050 support. There was a break below the 23.6% Fib retracement level of the last wave from the $0.2835 low to $0.3088 high.

The price even cleared the $0.3000 support level and tested the main $0.2950 support level. Besides, the 50% Fib retracement level of the last wave from the $0.2835 low to $0.3088 high prevented losses. The price is currently moving higher and trading well above $0.2950. There is also a key bullish trend line in place with support near $0.2965 on the hourly chart of the XRP/USD pair. The pair seems to be well supported near $0.2960 and $0.2950. Besides, the 100 hourly SMA is also positioned near the $0.2950 support area.

On the upside, an initial resistance is near the $0.3000 level, above which the price may test $0.3020. However, a successful close above $0.3050 will most likely set the pace for more gains above the $0.3100 resistance level. The next key resistances are near $0.3120 and $0.3125.

Ripple Price Analysis XRP Chart

Looking at the chart, ripple price is clearing trading above the key $0.2960 and $0.2950 support levels. If there is a downside break below the $0.2950 support and the 100 hourly SMA, the price could move into a bearish zone. An immediate support is near the $0.2910 level, below which the price may revisit the $0.2850 support level in the near term.

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 currently below the 50 level, but it is holding the 40 level.

Major Support Levels – $0.2960, $0.2950 and $0.2910.

Major Resistance Levels – $0.3020, $0.3050 and $0.3085.

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial...

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