- Ripple price remained supported above $0.3030 and climbed higher against the US dollar.
- The price broke the key $0.3150 resistance to move into a positive zone and start a recovery.
- Yesterday’s highlighted major declining channel was breached with resistance near $0.3100 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price is currently struggling near $0.3220, but it is likely to continue higher in the coming sessions.
Ripple Price Analysis
After three days of losses, ripple price found support above the $0.3000 level against the US Dollar. The XRP/USD pair traded as low as $0.3030 and recently started a solid upward move. There was a break above the $0.3080 and $0.3100 resistance levels to start the recent recovery. Moreover, the price traded above the 23.6% Fib retracement level of the downward move from the $0.3421 high to $0.3030 low.
Additionally, yesterday’s highlighted major declining channel was breached with resistance near $0.3100 on the hourly chart of the XRP/USD pair. The pair even broke the $0.3200 resistance and the 100 hourly simple moving average. However, the price is now struggling to break the $0.3200 and $0.3220 resistance levels. Moreover, the 50% Fib retracement level of the downward move from the $0.3421 high to $0.3030 low is also acting as a resistance.
If there is an upside break above the $0.3220 and $0.3230 levels, the price could accelerate higher. The next resistance could be $0.3280 or the 61.8% Fib retracement level of the downward move from the $0.3421 high to $0.3030 low. The main resistance on the upside is near the $0.3330, above which the price is likely to accelerate towards the $0.3420 level.
Conversely, if there is a downside correction, the price might find bids near the $0.3180 and $0.3160 levels. There is also a connecting bullish trend line forming with support near $0.3155 on the same chart. If there is a downside break below the $0.3150 support, the price could decline towards the $0.3100 support.
Looking at the chart, ripple price is showing bullish signs above the $0.3100 and $0.3150 levels. Having said that, the price must surpass the $0.3220 and $0.3230 resistance levels to continue higher towards $0.3330 and $0.3400 in the near term.
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 showing positive signs and is currently near 60.
Major Support Levels – $0.3180, $0.3150 and $0.3100.
Major Resistance Levels – $0.3220, $0.3280 and $0.3330.